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As a longterm investment, Painters' Equipment Company purchased of AMC Supplies Incorporated's shares for $ 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 $ and distributed cash dividends of cents per share. At yearend, the fair value of the shares is $
Required:
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 transactionevent select No journal entry required" in the first account field.
Answer is not complete.
tableNoTransactions,General Journal,,Debit,CreditInvestment in equity affiliate,Cash,VNo journal entry required,Cash,
