3 eBook P References 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 50,000 shares (20% of total) of Kildaire's common stock for $1,700,000. October 23 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Kildaire's net income for the year is 51, 179, 000, and the fair value of its stock at December 31 is $40 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.10 per share. December 31 Kildaire's net income for the year is $1,176, 000, and the fair value of its stock at December 31 is $42 per share. Year 3 January 2 Selk sold 3x (equal to 1,500 shares) of its investeent in Kildaire for 565, 300 cash. 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 Kildale with its 20% share of stock