[The following information applies to the questions displayed below.] As a long-term investment, Company A purchased 20% of Company B's 460,000 shares for $540,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of Company B's net assets were equal. During the year, Company B earned net income of $310,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $571,000. - Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the yea lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1 Record the purchase of Company B shares for $540,000 as a long-term investment. 2 Record Company A's share of Company B $310,000 net income. 3 Record the cash dividend of 20 cents per share. 4 Record any necessary year-end adjusting journal entry when the fair value of the shares held are $571,000 at year-end. Note : = journal entry has been entered