Assume that Selk has a significant influence over Kildaire with its 20% share of stock.

Required:
1.	Prepare journal entries to record these transactions and events for Selk. (If no entry is required select No journal entry required in the first entry field. )

Selk Steel Co., which began operations on January 4, 2015, had the following subsequent transactions and events In its long-term Investments. 2015 Jan. 5 Selk purchased 40,000 shares (20% of total) of KiIdaire's common stock for $1.200,000. Oct 23 KiIdaire declared and paid a cash dividend of $4.20 per share. Dec. 31 Kildaire's net Income for 2015 Is $1, 264,000, and the fair value of its stock at December 31 is $31.00 per share. 2016 Oct 15 Kildaire declared and paid a cash dividend of $3.10 per share Dec. 31 Kildaire's net Income for 2016 Is $1, 576,000, and the fair value of Its stock at December 31 Is $33.00 per share. 2017 Jan. 2 Selk sold all of Its Investment In Kildaire for $1, 665,000 cash