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Part 2 of 2 Required information The following information applies to the questions displayed below) Selk Steel Co., which began operations on January 4, 2017, had the following subsequent transactions and events in its long-term investments 5 ints 00:50:03 2017 Jan. 5 Selk purchased 40,000 shares (20% of total) of Kildaire's common stock for $1,000,000 Oct. 23 Kildaire declared and paid a cash dividend of $3.50 per share. Dec. 31 Kildaire's net income for 2017 is $1,254,000, and the fair value of its stock at December 31 is $39.90 per share. 2018 Oct. 15 kildaire declared and paid a cash dividend of $3.40 per share. Dec. 31 Kildaire's net income for 2018 is $1,566,000, and the fair value of its stock at December 31 is $32.90 per share. 2019 Jan. 2 Selk sold all of its investment in Kildaire for $1,425,000 cash. Part 2 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee and that it is classified as an available for sale security investment Required: 1 Dronna innal antrine tavernetthonorarin anertian ante for Call Ale Anantaran 2017 2018 2019 Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated Januar to remove any balance related to the fair value adjustment. No Credit Date Jan 05, 2017 General Journal Long-term investments--AFS (Kildaire) Cash Debit 1,000,000 1 1,000,000 2 Oct 23, 2017 140,000 Cash Dividend revenue 140,000 Dec 31, 2017 250,800 Earnings from long-term investment Unrealized gain-Income 250,800 2018 > View transaction list Journal entry worksheet 3 NE Kildaire's net income for 2018 is $1,566,000, and the fair value of its stock at December 31 is $32.90 per share. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2018 Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an e any balance related to the fair value adjustment. View transaction list Journal entry worksheet