As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies Inc's 560,000 shares for S640000 at the 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 $360,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $681,000 Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the 2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the purchase of AMC Supolies shares for $640,000 as a long-term investment. purnal entry worksheet 2 Record Painters' Equipment's share of AMC Supplies' $360,000 net income. ote: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general joumal Journal entry worksheet 2 4 Record the cash dividend of 25 cents per share Note: Enter debits before credits. Debit Credit General Journal Event 3 Record entry Clear entry View general journal Journal entry worksheet Record any necessary year-end adjusting journal entry when the fair value of the shares held are $681,000 at year-end Note: Enter debits before credits. Event General Journal Debit Credit 4 Clear entry View general journal Record entry As a long-term investment. Painters' Equipment Company purchased 25% of AMC Supplies Inc's 560,000 shares for S640.000 at the 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 $360,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $681,000. Required 1. Assume no significent influence wes ecquired. Prepare the appropriate journal entries from the purchase through the end of the 2. Assume significant infiuence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 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 year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaclon list Journal entry worksheet Record the purchase of AMC Supplies shares for $640,000 as a long-term nvestment. Journal entry worksheet Record Painters Equipment's share of AMC Supplies' $360,000 net income. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the cash dividend of 25 cents per share. Note: Enter debits before credits. Event eneral JournalDebit Credit Record entry Clear entry View general jounal Journal entry worksheet Record any necessary year-end adjusting journal entry when the fair value of the shares held are $681,000 at year-end. Note: Enter debits before credits. Event General Journal Debit Credit 4 Record entry Clear entry View general journal