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 570,000 shares for $650,000 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 $420,000 and distributed cash dividends of 30 cents per share. At year-end, the fair value of the shares is $692,000. 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.) View transaction list Journal entry worksheet Record Painters' Equipment's share of AMC Supplies' $420,000 net income. Note: Enter debits before credits. Transactions General Journal Debit Credit 2 Record entry Clear entry View general Journal ssume significant influence was acquired. Prepare the appropriate journal entries from entry is required for a transaction/event, select "No journal entry required" in the fi View transaction list Journal entry worksheet Record any necessary year-end adjusting journal entry when the fair value of the shares held are $692,000 at year-end. Note: Enter debits before credits. Transactions General Journal Debit Credit Record entry Clear entry View general journal