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 550,000 shares for $630,000 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 $400,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $670,000 Required: 1. Assume no significant influence was acquired Prepare the appropriate journal entries from the purchase through the end of the year (I no entry is required for a transaction/event, select "No journal entry required" in the first occount field.) View transaction list No Transactions 1 Debit General Journal Investment in equity securities Cash Gredit e 2 2 Cash Investment in equity securities 22,000 $ 22,000 3 3 Cash 800,000 Interest revenue 800,000 4 4 Fair value adjustment Loss on investments (NI) >