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Required information [The following information applies to the questions displayed below.] Selk Steel Company, which...

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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-term investments. Year 1 January 5 Selk purehased 60,000 aharen (201 of total) of Kildaire's conmon atook for 51,560,000. ootober 23 Kildaire declared and paid a canh dividend of 33.20 per whare. December 31 Kildaire' net income for the year in $1,164,000, and the fair value of its atock at decenber 31 is 330.00 per share, Year 2 october 15 Kildaire declared and paid a cash dividend of 52.60 per share. Decenber, 31 Kildaire' net incone for the year is 51,476,000, and the fair value of its atook at pecenber 31 is $32.00 per share. Year 3 January 2 selk sold 31 (equal to 1,800 shares) of its investment in kildaire for $54,200 calh. Aequired: Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with ts 20% share of stock. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and events for Selk

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