Blackboard - Athens State University M Question 10 - Module 5 Homework - Connect Homework Saved Help Save & Exit Sub Check my world 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 450,000 shares for $530,000 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 $300,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $560,000. 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.) View transaction list Journal entry worksheet 1 2 3 Record the purchase of AMC Supplies shares for $530,000 as a long-term investment. Note: Enter debits before credits. UNIL. Al year-enu, the Tall Value of the shares is $560,000. JUUL Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase year. (If no entry is required for a transaction/event, select "No journal entry required" in the first accour View transaction list Journal entry worksheet N 3 4 > Record Painters' Equipment's share of AMC Supplies' $300,000 net income. Note: Enter debits before credits. Transactions General Journal Debit Credit of the fiscal year of both companies. On the purchase date, the fair valu of AMC's net assets were equal. During the year, AMC earned net income of $300,000 and distribu dividends of 25 cents per share. At year-end, the fair value of the shares is $560,000. 5 01:13:41 Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase year. (If no entry is required for a transaction/event, select "No journal entry required in the first accour eBook Hint View transaction list Print eferences Journal entry worksheet Supplies Inc.'s $530,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair val of AMC's net assets were equal. During the year, AMC earned net income of $300,000 and distrib dividends of 25 cents per share. At year-end, the fair value of the shares is $560,000. nts 3 01:13:32 Required: 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchas year. (If no entry is required for a transaction/event, select "No journal entry required" in the first accou eBook Hint View transaction list Print References Journal entry worksheet