Question: please help asap and do all the requirements if correct i will leave a like Required information (The following information applies to the questions displayed



Required information (The following information applies to the questions displayed below) As a long-term investment, Painters' Equipment Company purchased 20\% of AMC Supplies incorporated'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 oppropriate journal entries from the purchase through the end of the rear: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the purchase of AMC Supples shares for $480,000 as a long-term investment: Ficke tren debits before credits Required information [The following information applies to the questions clisplayed below.] As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated'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 joumal entries from the purchase through the end of the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Record Painters' Equipment's share of AMC Supplies' $250,000 net income. Note: Fnter debits belore credits Required information [The following information applies to the questions cisplayed below] As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated'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, Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required information [The following information applies to the questions displayed below] As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated'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, Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record any necessary year-end adjusting joumal entry when the fair value of the shares held are $505,000. Recei Fincer debits before credits
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