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Required information [The following information applies to the questions displayed below.] Selk...

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Accounting

Required information
[The following information applies to the questions displayed below.]
Selk Steel Company, which began operations in Year 1, had the following transactions and events in its long-ter investments.
Year 1
January 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,560,000.
October 23 Kildaire declared and paid a cash dividend of $3.20 per share.
December 31 Kildaire's net income for the year is $1,164,000, and the fair value of its stock at December 3 per share.
Year 2
October 15 Kildaire declared and paid a cash dividend of $2.60 per share.
December 31 Kildaire's net income for the year is $1,476,000, and the fair value of its stock at December 31 per share.
Year 3
January 2 Selk sold 3%(equal to 1,800 shares) of its investment in Kildaire for $54,200 cash.
quired:
epare journal entries to record these transactions and events for Selk. Assume that Selk has a sianificant influn
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