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 560,000 shares for $640.000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMCS net assets were equal. During the year. AMC earned net Income of $360,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $681,000. Required: 1. Assume no significant influence was acquired. Prepare the appropriate Journal entries from the purchase through the end of the year, ili ne entry is required for a transaction/event, select "No Journal entry required" In the first account field.) Vis transactions Journal entry worksheet > 2 Record the purchase of AMC Supplies shares for $640,000 as a long-term Irrvestment Transactions General Journal Debit Credit I Record entry Clear entry Moerera Laumai Journal entry worksheet K 1 2 3 4 Record Painters' Equipment's share of AMC Supplies' $360,000 net income. Note: Enter debits before credits. Debit General Journal Transactions Credit 2 Record entry Clear entry View general journal Required information Journal entry worksheet 1 2 3 4 Record the cash dividend of 25 cents per share. Note: Enter debits before credits. General Journal Debit Transactions Credit 3 Record entry Clear entry View general journal Journal entry worksheet