Required information As a long dean imeatment. Pactiens' Equpment Company puichased 20% af AMC Supplies incorpoeatedrs 410.060 shaies Cor 54140000 at the begitining of the fiscal year of both companies. On the purcalse date, the far value and book yalue of AMC m met assets were equat During the year, AMC parted net ncome of $260000 and distributed cash diyidends of 20 cents per share At yeme-end, the far value of the shares is 5516,000 Required. 1. Assume no sigybcant inhuence was acquired prepare the apgrabiate joumal enteies fram the putchate threugh the end of the Wote: Hf ne entry is required for a transactionievent, selest "No joumbl enry reguired" in the first occount fleld. Journal entry worksheet Fecord the burchase of AMC 5upghes shares for 1490.000 as a long-terim investicter. Wove Einier thelats lefyetind is Requined information As a iong-term investment Paimers Equipinent Company puichased 20 L of AMC 5 upples incorporsledfs 470,000 thares Aoc 3490000 of the begrining of the fiscalyear of both companies On the purchase date, the fair vatue and book value of AMC n net astets were equat. Duing the yegr. AMC eained not income of $260.000 and distnbuted canh didendes of 20 of cents per shate. As yea-end, the fair value of the shares is $516.000. Pequired: 1. Assume ne significant inflicence was acquited Prepare the appropnate journal entries tram the purchase the ough the end of the Note: if no entry is required for a transaction/event, select "No journal entry required" In the firat account fleid. Journal entry worksheet Aecord Painters' Equlament's share of AMC Supples' $260,000 net income. Wate- Hrite debits tef crede credt. Required information The forlowing intommoion apphes to the questions akiplayed belowy) As a iong teim ivestment Painters- Equipment Company purchased 20 s of AMC Supplies Incorporatedrs 410,000 inares for 5490.000 at the beginning of the fiscal year of both companies. On the purchase date. the fair vosue and book valiou id AMC ner assets were equat. During the year, AMC eamed het income of $260,000 and dismbuted cash dkicendv of 20 cents per shace, Atyearend the fair value of the shares is 5596,000 Required: 1. Assame no ilgnificant influence was acquired. Prepare the aporopriate joumal entiles from the purchase throught the end of the year. Note: If no entry is required for a traneaction/event, select "No journal entry required" in the first nccount Held. Journal entry worksheet 12 4 fequired information Whe fochowing infommation applios to me ouieszions disatiyed belowi for \$190 oot at the beginning of the fiscal year of both componies On the purchsse date, the far value send took volue of AMC not essets were equat Duting the yeat. AMC earned net income of $260.000 and disintauled casth ohidends of 20 cents per share At yeatiend the fair value of the shares is $5 th,000 fiequired: 1. Assizne no sighificant influence was actuired. Prepare the appiopriate joutnat entries tiom the porchase throught the end of the year Woter if no entry is required for a transaction/event, select "No journal entry requlred" in the first account fieid, Journal entry worksheet Aecora any necessary year-end adjusting foumal entry when the fair value of the shares held are $516,000
