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Please help with all parts! Required information (The following information applies to the questions displayed below.) As a long-term investment, Painters' Equipment Company purchased 20%
Please help with all parts!
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 520,000 shares for $600,000 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 $370,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $637,000. 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 Record Painters' Equipment's share of AMC Supplies' $370,000 net income. Note: Enter debits before credits. Transactions General Journal Debit Credit 2 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 Record the cash dividend of 25 cents per share. Note: Enter debits before credits. General Journal Debit Credit Transactions 3 Record entry Clear entry View general Journal Journal entry worksheet Step by Step Solution
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