points Skipped eBook Hint Print References Edible Chemicals Corporation owns a $5 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneciary. The annual premiums are $88,000 and are payable at the beginning of each year. The cash surrender value ofthe policy was $30,000 at the beginning of 2018. Required: 1. & 2. Prepare the appropriate 2018journa| entries to record insurance expense and the increase in the investment assuming the cash surrender value of the policy increased according to the contract to $37,800. The CEO died at the end of 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record insurance expense. points Skipped eBook Hint Print References Edible Chemicals Corporation owns a $5 million whole life insurance policy on the life of its CEO, naming Edible Chemicals as beneficiary. The annual premiums are $88,000 and are payable at the beginning of each year. The cash surrender value of the policy was $30,000 at the beginning of 2018. Required: 1. & 2. Prepare the appropriate 2018journa| entries to record insurance expense and the increase in the investment assuming the cash surrender value of the policy increased according to the contract to $37,800. The CEO died at the end of 2018. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the death benefit. Note: Enter debits before credits. points skipped eBook Hint Print References As a longterm investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 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 $340,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume no signicant 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 rst account field.) View transaction list Journal entry worksheet Record the purchase of AMC Supplies shares for $570,000 as a long-term investment. points Skipped eBook Hint Print References As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 at the beginning ofthe 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 $340,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year 2. Assume signicant 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 1 Required 2 Assume no signicant inuence 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' $340,000 net income. points Skipped eBook Hint Print References As a longterm investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 at the beginning ofthe 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 $340,000 and distributed cash dividends of 20 cents per share. At yearend, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume no signicant 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 rst account eld.) View transaction list Journal entry worksheet Record the cash dividend of 20 cents per share. points Skipped eBook Hint Print References As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 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 $340,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $604,000. Required: 1. Assume no signicant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the yean 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 eld.) View transaction list Journal entry worksheet Record any necessary year-end adjusting journal entry when the fair value of the shares held are $604,000 at year-end. points Skipped eBook Hint Print References As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 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 $340,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume signicant 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 the purchase of AMC Supplies shares for $570,000 as a longterm investment. points Skipped eBook Hint Print References As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 at the beginning ofthe 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 $340,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the yean 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume signicant inuence 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 rst account eld.) View transaction list Journal entry worksheet Record Painters' Equipment's share of AMC Supplies' $340,000 net income. 4-4 Homework chapter u a Saved 4 points Skipped eBook Hint Print References As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies lnc.'s 490,000 shares for $570,000 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 $340,000 and distributed cash dividends of 20 cents per share. At yearend, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume signicant 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 rst account field.) View transaction list Journal entry worksheet Record the cash dividend of 20 cents per share. points Skipped eBook Hint Print References As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies |nc.'s 490,000 shares for $570,000 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 $340,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $604,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year 2. Assume significant influence was acquired. Prepare the appropriatejournal entries from the purchase through the end of the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume signicant 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 rst account field.) View transaction list Journal entry worksheet Record any necessary year-end adjusting journal entry when the fair value of the shares held are $604,000 at year-end