work investments Assignment i Saved 1 Required information [The following information applies to the questions displayed below] As a longterm investment, Painters' Equipment Company purchased 20\% of AMC Supplies incorporated's 540.000 shares for $620,000 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 Duting the year, AMC eamed net income of $390,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $659,000. Required: 1. Assume no significant intluence was acquired Prepore the appropriate journal entries from the purchase through the end of the year. Note: If no entry is required for o tronsaction/event, select "No journal entry required" in the first account field