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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. 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 et Journal entry worksheet 1 2 Record the purchase of AMC Supplies shares for $600,000 as a long-term Investment Note: Enter debts before credits Transactions General Journal Debit Credit 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 Record the cash dividend of 25 cents per share. Note: Enter debits before credits. General Journal Transactions 3 Debit Credit Record entry Clear entry View general journal Journal entry worksheet