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 400,000 shares for $480,000 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 $250,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $505,000 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 Debit 1 1 Credit General Journal Investment in equity securities Cash 480,000 480,000 2 2 Cash Dividend revenue 20.000 20,000 3 . O 3 Fair value adjustment Gain on investment furrealized, NI) 25.000 25,000 4 4 No journal entry required