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1) Record the purchase of AMC Supplies shares for $510,000 as a long-term investment. ...

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Accounting

1) Record the purchase of AMC Supplies shares for $510,000 as a long-term investment.
2) Record Painters' Equipment's share of AMC Supplies' $280,000 net income.
3) Record the cash dividend of 15 cents per share.
4) Record any necessary year-end adjusting journal entry when the fair value of the shares held are $538,000 at year-end.
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