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As a long-term investment at the beginning of the 2024 fiscal year, Florists International purchased 25% of Nursery Supplies Incorporated's 16 million shares for \$59 million. The fair value and book value of the shares were the same at that time. During the year, Nursery Supplies earned net income of $36 million and distributed cash dividends of $2.25 per share. At the end of the year, the fair value of the shares is $55 million. Required: Prepare the appropriate journal entries from the purchase through the end of the year. As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated's 590,000 shares for $670,000 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 $350,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $714,000. As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Incorporated's 590,000 shares for $670,000 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 $350,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $714,000. equired: Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the ear

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