Record journal entries. NOTE THE REQUIRED INFORMATION: 20% share of stock

[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 purchased 65,000 shares (20\% of total) of Kildaire's common stock for $2,470,608. October 23 Kildaire declared and paid a cash dividend of $3.70 per share. December 31 Kildaire's net income for the year is $1,179,000, and the fair value of its stock at December 31 is $45 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.70 per share. December 31Kildaires net income for the year is $1,159,000, and the fair value of its stock at December 31 is $48 per share. Year 3 January 2 Selk sold 24 (equal to 1,300 shares) of its investment in Kildaire for $66,800 cash. January 5 Selk purchased 65,000 shares (208 of total) of Kildaire's common stock for $2,470,000. October 23 Kildaire declared and paid a cash dividend of $3.70 per share. December 31 Kildaire's net income for the year is $1,179,000, and the fair value of its stock at December 31 is $45 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.70 per share. December 31 Kildaire's net income for the year is $1,159,000, and the fair value of its stock at December 31 is $48 per share. Year 3 January 2 selk sold 2% (equal to 1,300 shares) of its investment in Kildaire for $66,800 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. Prepare journal entries to record these transactions and events for Selk. Journal entry worksheet Selk purchased 65,000 shares ( 20% of total) of Kildaire's common stock for $2,470,000. Note: Enter debits before credits. Prepare journal entries to record these transactions and events for Selk. Journal entry worksheet Kildaire declared and paid a cash dividend of $3.70 per share. Note: Enter debits before credits. Journal entry worksheet Kildaire's net income for the year is $1,179,000, and the fair value of its stock at December 31 is $45 per share. Note: Enter debits before credits