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please help me get the correct answer Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below]
please help me get the correct answer
Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below] 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 purehased 70,000 shares (20t of total) of Kildaire's common stock for $2,030,000. October 23 Kildaire declared and paid a cash dividend of $3.80 per share. December 31 kildaire's net income for the year is $1,178,000, and the fair value of its stock at December 31 is $37 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $3.50 per ahare. December 31 Kildaire's net income for the year is $1,177,000, and the fair value of its stock at December 31 is $39 per share. Year 3 January 2 Selk sold 31 (equal to 2,100 shares) of its investment in kildaire for $67,700 cash. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions and events for Selk Step by Step Solution
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