part 2 please

E 12-19 Investment Securities and equity method investments compared LO12.5. L012-6 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 2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year 3. Assume that the fair value of AMC's net assets exceeded their book value by $60,000, and the excess was attributable to some depreciable assets, which on average have 6 years of remaining useful life. Prepare the appropriate journal entry to adjust Painters' Investment account and Investment Income