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ork-Chapter 12 6 Help Save & Exit Submit Check my work As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc's 440000 Shares for $520,000 at the During the year, AMC eamed net income of $290,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $549,000 1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the 2. Assume signiicant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year Complete this question by entering your answers in the tabs below Requred1 Requred 2 Assume no signiticant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year (I no entry is required for a transaction/event, select "No journal entry required" in the fist account field.) Journal entry worksheet Record the purchase of AMC Supplies shares for $520,000 as a long-tem command reclassification adjustment - apter 12 Inbox (92) [email protected] of C. -Chapter 12 Saved View transaction list Record the purchase of AMC Supplies shares for $520,000 as a long-term investment. 1 erm 2 Record Painters' Equipment's share of AMC Supplies $290,000 net income. 3 Record the cash dividend of 20 cents per share. 4 Record any necessary year-end adjusting journal entry when the fair value of the shares held are $549,000 at year-end. Credit Note: journal entry has been entered Record entry Clear entry View general journal Chapter 12 Help Save&Exit Su Check my wo Required 1 Required 2 Assume significant influence was acquired Prepare the app priate ou a entres ros the urchase t o go the enat er entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist Record the purchase of AMC Supplies shares for $520,000 as a long-term investment 1 2 Record Painters' Equipment's share of AMC Supplies $290,000 net income 3 Record the cash dividend of 20 cents per share 4 Record any necessary year-end adjusting journal entry when the fair value of the shares held are $549,000 at year-end Note:-Journal entry has been entered Prev 90, 1111 Next> 5 6

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