of 2 Required information [The following information applies to the questions displayed below.) As a long-term investment, Fair Company purchased 15% of Midlin Company's 190,000 shares for $228,000 at the beginning of the reporting year of both companies. During the year Midlin earned net income of $124,000 and distributed cash dividends of $0.20 per share. At year end, the fair value of the shares is $237,500. 2. Assume significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjustment for the investment's fair value, if appropriate. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the purchase of common stock Note: Enter debit before credits Transaction Goneral Joumal Debit Credit 1 Journal entry worksheet Book Record the receipt of cash dividends. erences Note: Enter debits before credits Transaction 3 General Journal Debit Credit Record entry Clear entry View general Journal HUS Journal entry worksheet