Assume that although selk owns 25% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the invest and that it is classified as an availabl-for-sale security investmen.

Prepare journal entries to record the preceding transactions and events for selk. Also prepare an entry dated January 2, 2015 to remove any balance related to the fair value adjustment.

Kildaire declared and paid a cash dividend of $3.80 per share. Note: Enter debits before credits. Date General Journal Debit Credit Oct 23, 2013