Requlred Information [The following Information applies to the questions displayed below.] As a long-term Investment, PaInters' Equipment Company purchased 20% of AMC Supplles Incorporated's 600,000 shares for $680,000 at the beginning of the fiscal year of both companies. On the purchase date, the falr value and book value of AMC's net assets were equal. Durlng the year, AMC earned net income of $450,000 and distributed cash dividends of 25 cents per share. At year-end, the falr value of the shares is $725,000. equired: Assume no significant Influence was acqulred. Prepare the approprlate journal entries from the purchase through the end of the ar. ote: If no entry Is required for a transaction/event, select "No journal entry required" In the first account fleld. Journal entry worksheet Record the purchase of AMC Supplies shares for $680,000 as a long-term investment. Note: Enter debits before credits. Journal entry worksheet Record Painters' Equipment's share of AMC Supplies' $450,000 net income. Note: Enter debits before credits. Journal entry worksheet Record the cash dividend of 25 cents per share. Note: Enter debits before credits. Journal entry woiksheet Record any necessary year-end adjusting journal entry when the fair value of the shares held are $725,000. Note: Enter debits before credits