11 Part 2 of 2 Required information Use the following information for the Problems below. [The following information applies to the questions displayed below.) Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. 1 points Skipped 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 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. Print Year 3 Jan. 2 Selk sold 48 (equal to 2,000 shares) of its investment in Kildaire for $69,800 cash. References Problem 15-6A 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. Required: 1. Prepare journal entries to record the preceding transactions and events for Selk. Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list > 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