11 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 Part 1 of 2 80046.58 Year 1 January 5 Selk purchased 40,000 shares (20% of total) of Kildaire's common stock for $1.520,000 October 23 Kildare declared and paid a cash dividend of $2.30 per share. December 31 Kildaire's not income for the year is $1,195,000, and the fair value of its stock at Onceber 31 15 543 per share. Year 2 October 15 Kildare declared and paid a cash dividend of $2.00 per share December 31 Kildaire's net income for the year is 51, 112,000, and the fair value of its stock at December 31 is 547 per share Year 3 January 2 Selk sold as equal to 1.200 shares) of its investeent in Kildare for 567,100 cash Required: Prepare journal entries to record these transactions and events for SelkAssume that sell has a significant influence over Kildare with its 20% share of stock