Required information [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 $2,470,000. October 23 Kildaire declared and paid a cash dividend of $3.70 per share. December 31 Kildaire's net income is $45 per share. Year 2 for the year is $1,179,000, and the fair value of its stock at December 31 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. 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.

Required information [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 (201 of total) of Kildaire's conmon stock for $2,470,000. Oetober 23 xildaire declared and paid a cash dividend of 53.70 per share. December 31 Kildaire's net incose for the year is $1,279,000, and the fair value of its stock at pecember 31 in $45 per share. Year 2 Oetober is Xildaire declared and paid a cash dividend of $2.70 per share. Decenber 31 xildaire's net incoes for the year is $1,159,000, and the fair value of its stock at Decenber 31 is $48 per share. Year 3 January 2 selk sold 2e (equal to 2,300 shares) of ita inventent in Kildaire for $66,900 cash. equired: repare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with s 20% share of stock