! 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 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. 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 complete but not entirely correct. No Transactions General Journal 1 1 Investment in equity affiliate Cash 2 2 Investment in equity affiliate Investment revenue Debit Credit 570,000 570,000 85,000 85,000 3 3 Cash 24,500 Investment in equity affiliate 24,500 4 4 No journal entry required