Help Seved 12 sp2018 6 5 MC Supplies Inc's 490000 shares for S 70 000 at the value and book value of AMC's net assets were equal. As a long-term investment, Painters' Equipment Company purchased 25% of A beginning of the fiscal year of both companies. On the purchase date, the fair During the year, AMC earned net income of $340,000 and distributed cash dividends of 20 cents per share. At year end, the fair value of the shares is $604,000. 0 oints Required: 1. Assume no significant infiuence was acquired Prepare the appropriate journal entries from the purchase through the end of the 8 025s5 year 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 1Required 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 transactionv/event, select "No journal entry required" in the first account fieid.) View transaction list Journal entry worksheet