As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 470,000 shares for $550,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMCs net assets were equal. During the year, AMC earned net income of $320,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $582,000.

1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

Record any necessary year-end adjusting journal entry when the fair value of the shares held are $582,000 at year-end.

Help me with the name for the credit part. The correct answer is

Dr. Fair value adjustment 320,000

Cr, ? ( unrealized holding gain or loss - OCI is incorrect) 320,000

2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

• Record the cash dividend of 20 cents per share.

Help me with the name for the credit part. The correct answer is

Dr. Cash 18,800

Cr, ? ( Dividend revenue and interest revenue is incorrect) 18,800