10 Part 1 of 2 Required information Use the following information for the Problems below. (The following information applies to the questions displayed below.) 0.9 points Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,400,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share. Dec. 31 Kildaire's net income for the year is $1,145,000 and the fair value of its stock at December 31 is $36 per share. eBook Print Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $2.60 per share. Dec. 31 Kildaire's net income for the year is $1,138,000 and the fair value of its stock at December 31 is $40 per share. References Year 3 Jan. 2 Selk sold 4$ (equal to 2,000 shares) of its investment in Kildaire for $69,800 cash. Problem 15-5A Accounting for long-term investments in stock with significant influence LO P5 Required: 1. 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. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list X 1 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,400,000. ock for 2 Kildaire declared and paid a cash dividend of $3.20 per share. 3 Kildaire's net income for the year is $1,145,000, and the fair value of its stock at December 31 is $36 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general Journal Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list X > 1 Kildaire declared and paid a cash dividend of $2.60 per share. 2 Kildaire's net income for the year is $1,138,000, and the fair value of its stock at December 31 is $40 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet 1 > Selk sold 4% (equal to 2,000 shares) of its investment in Kildaire for $69,800 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 Record entry Clear entry View general Journal Part 2 of 2 Year 1 Jan. 5 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,400,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share. Dec. 31 Kildaire's net income for the year is $1,145,000 and the fair value of its stock at December 31 is $36 per share. 1 points Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $2.60 per share. Dec. 31 Kildaire's net income for the year is $1,138,000 and the fair value of its stock at December 31 is $40 per share. eBook Year 3 Jan. 2 Selk sold 4% (equal to 2,000 shares) of its investment in Kildaire for $69,800 cash. Print Problem 15-6A Accounting for long-term investments in stock without significant influence LO P4 References Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Required: 1. Prepare journal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list OX: > 1 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,400,000. ock for 2 Kildaire declared and paid a cash dividend of $3.20 per share. 3 Kildaire's net income for the year is $1,145,000, and the fair value of its stock at December 31 is $36 per share. Credit Note = journal entry has been entered Record entry Clear entry View general Journal Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list :X > 1 Kildaire declared and paid a cash dividend of $2.60 per share. 2 Kildaire's net income for the year is $1,138,000, and the fair value of its stock at December 31 is $40 per share. Credit Note : = journal entry has been entered Record entry Clear entry View general journal Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list Journal entry worksheet Selk sold 4%(equal to 2,000 shares) of its investment in Kildaire for $69,800 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 Record entry Clear entry View general journal