Required information [The following information applies to the questions dispiayed below] Selk Steel Company, which begon operations in Year 1, had the following transactions and events in its long-term investments. January 5 Selk purchased 69,ee0 shares (2as of tota1) of kilaaire's comon stock for $1,560,060. Year 1 December 31 Kildaire's net incone for the year is $1,164,809, and the falr value of its stock at becenber 31 is $30.60 October 23 Kildaire declared and paid a cash dividend of $3.20 per share. per share. Decenber 31 kildaire?t net income for the yean is $1,476,090, and the faih value of its stock at Decenber 3115$12.00 october 15 kildaire Jeciared and pald a cash dividend of 32.6e per share. Year 2 per share. January 2 selk sold 3 (equal to 1 , sae shares) of its investnent in Xildaire for $54,200 cash. Year 3 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstonces indicate that it does not have a significant influence over the investee, Prepore joumal entries to record the preceding transoctions and events for Selk. Required: Complete this question by entering your answers in the tabs below