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need help figuring out year three journal entry please! Year 3 Jan. 2 Seik sold 2 (equal to 1,300 shares of ito investment in Kildaire

need help figuring out year three journal entry please! image text in transcribed
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Year 3 Jan. 2 Seik sold 2 (equal to 1,300 shares of ito investment in Kildaire for $48,000 cash. Required: 1. 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. 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 1,300 shares) of its investment in Kildaire for $48,000 cash. Required Information [The following information applies to the questions displayed below.) Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 65,000 shares (201 of total) of Kildaire's common stock for $1,885,000. Oot. 23 xildaire declared and paid a cash dividend of $4.00 per share. Dec. 31 Kildare not income for the year 1a $1,198,000 and the fair value of its stock at December 31 $33 per share. Year 2 Oct. 15 kildaire declared and paid a cash dividend of 63.60 per share. Dec. 31 Xlldalrere not income for the year 18 61,173,000 and the fair value of its stock at December 31 $35 per share. Year 3 Jan. 2 Solk sold 21 (equal to 1,300 shares) of its investment in xildaire for $40,000 cash. Required: 1. Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Klidaire with its 20% share of stock. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list View Journal entry worksheet No Dato General Journal Jan 05 Equity method investments Cash Debit Credit 1 1,885,000 1,885,000 2 Oct 23 Cash Equity method investments 260,000 260,000 3 Dec 31 Equity method investments Earnings from equity method investments 239,600 239,600 6 Yeart Year 2 > Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Vlow Journal entry worksheet No General Journal Credit Date Oct 15 Dobit 234,000 1 Cash Equity method investments 234,000 N Dec 31 234,600 Equity method investments Earnings from equity method investments 234,600 (Year 1 Year 3 > Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list View journal entry worksheet No Date Debit Credit 1 Jan 02 General Journal Cash Gain on sale of stock investments Equity method investments 48,000

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