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Use the following information for the Problems below. (Algo) [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 purchased 40,000 shares (203 of total) of Kildaire's common stock for $1,650,000. October 23 Kildaire declared and paid a cash dividend of $2.40 per share. is $46 per share. Year 2 October 15 Rildaire declared and paid a cash dividend of $3.30 per share. is $48 per share. Year 3 Jonuary 2 selk sold 44 (equal to 1,600 shares) of its investment in Kildaire for $80,000 cash. Problem C-6A (Algo) Accounting for long-term investments in stock without significant influence LO P4 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. 1 Kildaire declared and paid a cash dividend of $3.30 per share. 2 Kildaire's net income for the year is $1,185,000, and the fair value of its stock at December 31 is $48 per share. 1 Selk purchased 40,000 shares ( 20% of total) of Kildaire's common stock for $1,650,000. 2 Kildaire declared and paid a cash dividend of $2.40 per share. 3 Kildaire's net income for the year is $1,126,000, and the fair value of its stock at December 31 is $46 per share. 1 Selk sold 4% (equal to 1,600 shares) of its investment in Kildaire for $80,000 cash

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