As a long-term investment, Painters' Equipment Company purchased 20% of AMC beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC's net assets were equal During the year, AMC earned net income of $450,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $725,000 Supplies Inc's 600,000 shares for S680000 at the Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. ook int rint rences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the ear (If no entry is required for a transaction/event, select No journal entry required' in the first account field.)