O 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 fale value of the shares is $582.000 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 transaction list Journal entry worksheet Record Painters' Equipment's share of AMC Supplies' $320.000 net income Nodobits been Transactions 2 Debit Credit General Journal Ne journal entry required Record entry Clear entry View general journal 0 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. 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 tronsaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet 3 wi Record the cash dividend of 20 cents per share. Note Enterts bored Transactions Credit General Journal Cash Investment revenue Detit 18.800 18.300 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. 2. Assume significant intuence 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 Pield.) View transaction list Journal entry worksheet 4 Record any necessary year and adjusting journal entry when the fair value of the shares hold are 5582,000 at year end, NG Transactions General Journal Debit Credit Record entry Clear entry View general journal