Required information [The following information appies to the questions displayed below] As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated's 400 poo 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 wore equat. During the yoar, AMC corned not income of $250,000 and distributod cash dividends of 25 cents per share. At year-end, the tair value of the shares is $505,000. 2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchaso through the end of the yeoc Note: If no entry is required for a transaction/event, select "No journal entry required" in the first oceount field