Required information Journal entry worksheet 1 2 3 4 > Record the purchase of AMC Supplies shares for $480,000 as a long-term investment. Note: Enter debits before credits. Transactions General Journal Debit Credit 1 480,000 480,000 Record entry Clear entry View general journal Required information Journal entry worksheet 2 3 4 > Record Painters' Equipment's share of AMC Supplies' $250,000 net income. Note: Enter debits before credits. Transactions Debit Credit 2 General Journal Investment in equity affiliate Investment revenue 20,000 Record entry Clear entry View general journal Required information Journal entry worksheet Record the cash dividend of 25 cents per share. Note: Enter debits before credits. Transactions General Journal Debit Credit 3 Investment in equity affiliate 50,000 Interest revenue 50,000 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 400,000 shares for $480,000 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 $250,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $505,000. 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.) Answer is not complete. No Transactions General Journal Debit Credit 1 1 480,000 480,000 2 2 Investment in equity affiliate Investment revenue 00 20,000 X 3 X 50,000 X Investment in equity affiliate Interest revenue X 50,000 X