3 Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below] Book Prine 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 $1,000,000. October 23 Kildaire declared and paid a cash dividend of $2.30 per share. December 31 Kildaire's net income for the year is $1,191,000, and the fair value of its stock at December 31 is $25 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.90 per share. December 31 Kildaire's net income for the year is $1,163,000, and the fair value of its stock at December 31 is $29 per share. Year 3 January 2 Selk sold 2% lequal to 1,000 shares) of its investment in Kildaire for $50,200 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 Kildaire with its 20% share of stock. Complete this question by entering your answers in the tabs below. Check my work eBook 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. Complete this question by entering your answers in the tabs below. Print Year 1 Year 2 Year 3 References Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet 1 2 3 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,000,000. Note: Enter debits before credits Date January 05 General Journal Debit Credit bok int rences View transaction list 1 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,000,000. 2 Kildaire declared and paid a cash dividend of $2.30 per share. 3 Kildaire's net income for the year is $1,191,000, and the fair value of its stock at December 31 is $25 per share. Note: journal entry has been entered ock for Credit Year 1 Year 2 Year 3 eBook Print Prepare journal entries to record these transactions and events for Selk. View transaction list eferences 1 Kildaire declared and paid a cash dividend of $2.90 per share. 2 Kildaire's net income for the year is $1,163,000, and the fair value of its stock at December 31 is $29 per share. journal entry has been entered Note: Record entry Credit Clear entry View general journal ces Year 1 Year 2 Year 3. Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet < Selk sold 2% (equal to 1,000 shares) of its investment in Kildaire for $50,200 cash. Note: Enter debits before credits. Date January 02 General Journal Debit Credit Record entry Clear entry View general journal