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Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information 9 Use the following information for the Problems below. (Algo) points [The following information applies to the questions displayed below.] Book Selk Steel Company, which began operations in Year 1, had the following transactions and events in its long-term investments. References Year 1 January 5 Selk purchased 55, 000 shares (20% of total) of Kildaire's common stock for $1, 485,000. October 23 Kildaire declared and paid a cash dividend of $2.70 per share. December 31 Kildaire's net income for the year is $1, 127,000, and the fair value of its stock at December 31 is $33 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Kildaire's net income for the year is $1, 151,000, and the fair value of its stock at December 31 is $35 per share. Year 3 January 2 Selk sold 5% (equal to 2, 750 shares) of its investment in Kildaire for $84, 700 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. Mc Graw Hill 31 0 4 May 8 11:43 9 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind.. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 January 2 Selk sold 5% (equal to 2, 750 shares) of its investment in Kildaire for $84, 700 cash. Problem C-5A (Algo) Accounting for long-term investments in stock with significant influence LO P5 9 points Required: Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with Book its 20% share of stock. References Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Screen capture . now Prepare journal entries to record these transactions and events for Selk. Screenshot taken View transaction list Show in folder . . . . Journal entry worksheet 3 1 2 3 Selk purchased 55,000 shares (20% of total) of Kildaire's common stock for $1,485,000. [ Copied to clipboard Search + V Mc Edit Delete Graw Hill 31 0 4 May 8 11:43 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information Year 1 Year 2 Year 3 9 points Prepare journal entries to record these transactions and events for Selk. Book View transaction list References Journal entry worksheet 2 3 V Selk purchased 55,000 shares (20% of total) of Kildaire's common stock for Screen capture . now $1,485,000. Screenshot taken Show in folder Note: Enter debits before credits. Date General Journal Debit Credit 3 January 05 sawreal entry worksheet [ Copied to clipboard Search + V Mc Edit Delete Graw Hill M 31 C C D 0 4 May 8 11:43 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information Prepare journal entries to record these transactions and events for Selk. 9 points View transaction list eBook Journal entry worksheet References Hill M 31 0 4 May 8 11:43 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information Prepare journal entries to record these transactions and events for Selk. 9 points View transaction list eBook Journal entry worksheet References Hill M 31 1 4 May 8 11:43 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information View transaction list 9 points Journal entry worksheet eBook 1 2 > References Kildaire declared and paid a cash dividend of $2.40 per share. Note: Enter debits before credits. Date General Journal Debit Credit October 15 Record entry Clear entry View general journal Mc Graw Hill 31 O C C D May 8 11:43 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information View transaction list 9 points Journal entry worksheet eBook 1 2 References Kildaire's net income for the year is $1, 151,000, and the fair value of its stock at December 31 is $35 per share. Note: Enter debits before credits. Screen capture . now Date General Journal Debit Credit Screenshot taken December 31 Show in folder 3 - Journal entry worksheet Record entry Clear entry View general journal Copied to clipboard Search + V Mc Edit Delete Graw Hill 31 O C C D 1 4 May 8 11:43 0Content M Question 3 - Appendix C Problem X Course Hero New Tab LO X C 2% ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWind. * Appendix C Problems i Saved Help Save & Exit Submit Check my work 3 Required information 9 points Journal entry worksheet Book References Selk sold 5% (equal to 2,750 shares) of its investment in Kildaire for $84,700 cash. Note: Enter debits before credits. Date General Journal Debit Credit Screen capture . now January 02 Screenshot taken Show in folder . . . . 3 Journal entry worksheet Record entry Clear entry View general journal Copied to clipboard Search + V Mc Edit Delete Graw Hill 31 1 4 May 8 11:43 0