As a long-term investment, painters' equipment company purchased 25% of amc supplies inc.'s 490,000 shares for $570,000 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 $340,000 and distributed cash dividends of 20 cents per share. at year-end, the fair value of the shares is $604,000.required: a) assume no significant influence was acquired. prepare the appropriate journal entries from the purchase through the end of the year. event 1 record the purchase of amc supplies shares for $570,000 as a long-term investment. event 2 record painters' equipment's share of amc supplies' $340,000 net income. event 3 record the cash dividend of 20 cents per share. event 4 record any necessary year-end adjusting journal entry when the fair value of the shares held are $604,000 at year-end.

In ledland, unemployed adults receive government assistance. to reduce unemployment, the government proposes to supplement the income of those who accept jobs that pay less than government assistance, thus enabling employers to hire workers cheaply. however, the supplement will not raise any worker's income above what government assistance would provide if he or she were not gainfully employed. therefore, unemployed people will have no financial incentive to accept jobs that would entitle them to the supplement. which of the following, if true about ledland, most seriously weakens the argument of the editorial? (a) the government collects no taxes on assistance it provides to unemployed individuals and their families.(b) neighboring countries with laws that mandate the minimum wage an employer must pay an employee have higher unemployment rates than ledland currently has.(c) people who are employed and look for a new job tend to get higher-paying jobs than job seekers who are unemployed.(d) the yearly amount unemployed people receive from government assistance is less than the yearly income that the government defines as the poverty level.(e) people sometimes accept jobs that pay relatively little simply because they enjoy the work.