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 600,000 shares for $680,000 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 $450,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $725,000. Required: 1. Assume no 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 Investment in equity securities 680,000 Cash 680,000 1 2 2 No journal entry required > 3 3 Cash Dividend revenue 30.000 30,000 4 Fair value adjustment >