As a long-term investment painters equipment company

Reference no: EM13603251

As a long-term investment, Painters' Equipment Company purchased 21% of AMC Supplies Inc.'s 404,000 shares for $485,000 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 $254,000 and distributed cash dividends of 0.25 cents per share. At year-end, the fair value of the shares is $510,000.

Reference no: EM13603251

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