Required information

$[$The following information applies to the questions displayed below.$]$

As a long$-$term investment, Fair Company purchased $20\%$ of Midlin Company's $300,000$ shares for $$360,000$ at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $$135,000$ and distributed cash dividends of $$0\mathrm{.}25$ per share. At year$-$end, the fair value of the shares is $$375,000.$

Required:

Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate.

Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Answer is complete but not entirely correct.