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Accounting

Required information
[The following information applies to the questions displayed below.]
As a long-term investment, Fair Company purchased 20% of Midlin Company's 300,000 shares for $360,000 at the beginning of the reporting year of both companies. During the year, Midlin earned net income of $135,000 and distributed cash dividends of $0.25 per share. At year-end, the fair value of the shares is $375,000.
Required:
Assume no significant influence was acquired. Record the transactions from the purchase through the end of the year, including any adjusting entry for the investment's fair value, if appropriate.
Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.
Answer is complete but not entirely correct.
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