ework Required Information {The following Information applies to the questions displayed below) 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 AMC's 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. Required: 1. 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 fleid.) View transaction list Journal entry worksheet 1 2 3 4 Record the purchase of AMC Supplies shares for $550,000 as a long-term investment. Not: Enter debits before credits Transactions General Journal Dobit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below) 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 AMC's 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. Required: 1. 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 feld) View transaction list Journal entry worksheet Recard Painters' Equipment's share of AMC Supplies' s320,000 net income Nature Transactions Cleh Journal Debit Credit 2 Record entry Clear entry View journal ! Required Information The following information applies to the questions displayed below) 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 AMC's 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. Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet Record the cash dividend of 20 cents per share. Notenter det before credits Transactions 3 General Journal Debit Credit Record entry Clear entry View general journal Required Information The following information applies to the questions displayed below! 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 AMC's 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 Required: 1. 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.) View transaction list Journal entry worksheet