Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Selk sold 3% (equal to 1,800 shares) of its investment in Kildaire for $54,200 cash. Note: Enter debits before credits. Selk Steel Company, which began operations in Year 1, had the following transactions and events in its long-term investments. January 5 Selk purchased 60,000 shares (20\% of total) of Kildaire's common stock for $1,560,000. Year 1 December 31 Kildaire's net income for the year is $1,164,000, and the fair value of its stock at December October 23 Kildaire declared and paid a cash dividend of $3.20 per share. 31 is $30.00 per share. Year 2 December 31 Kildaire's net income for the year is $1,476,000, and the fair value of its stock at December October 15 Kildaire declared and paid a cash dividend of $2.60 per share. 31 is $32.00 per share. January 2 selk sold 34 (equal to 1,800 shares) of its investment in Kildaire for $54,200 cash. Year 3 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Prepare journal entries to record the preceding transactions and events for Selk. Required: Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions and events for Selk. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Selk sold 3% (equal to 1,800 shares) of its investment in Kildaire for $54,200 cash. Note: Enter debits before credits. Selk Steel Company, which began operations in Year 1, had the following transactions and events in its long-term investments. January 5 Selk purchased 60,000 shares (20\% of total) of Kildaire's common stock for $1,560,000. Year 1 December 31 Kildaire's net income for the year is $1,164,000, and the fair value of its stock at December October 23 Kildaire declared and paid a cash dividend of $3.20 per share. 31 is $30.00 per share. Year 2 December 31 Kildaire's net income for the year is $1,476,000, and the fair value of its stock at December October 15 Kildaire declared and paid a cash dividend of $2.60 per share. 31 is $32.00 per share. January 2 selk sold 34 (equal to 1,800 shares) of its investment in Kildaire for $54,200 cash. Year 3 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Prepare journal entries to record the preceding transactions and events for Selk. Required: Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions and events for Selk