1 Kildaire declared and paid a cash dividend of $3.30 per share. 2 Kildaire's net income for the fair value of its stock at December 31 is $48 per share. Journal entry worksheet Selk sold 4% (equal to 1,600 shares) of its investment in Kildaire for $80,000 cash. Note: Enter debits before credits. 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 (201 of total) of Kildaire' a conmon stock for $1,650,000. Oetober 23 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Xildaire's net income for the year is $1,126,000, and the fair value of its stock at December 31 is $46 per share. Year 2 Oetober 15 Kildaire declared and paid a cash dividend of $3.30 per share. December 31 Kildaire's net income for the year is $1,185,000, and the fair value of its stock at December 31 in 548 per abare. Year 3 Problem C.5A (Algo) Accounting for long-term investments in stock with significant influence LO P5 Required: Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with its 20% share of stock. 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