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 40,000 shares (20\% of total) of Kildaire's common stock for $1,650,000. October 23 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Kildaire's net income for the year is $1,126,000, and the fair value of its stock at December 31 is $46 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $3.30 per share. December 31 Kildaire's net income for the year is $1,185,000, and the fair value of its stock at December 31 is $48 per share. Year 3 January 2 Selk sold 4 ig (equal to 1,600 shares) of its investment in Kildaire for $80,000 cash. Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Required: Prepare journal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Selk purchased 40,000 shares ( 20% of total) of Kildaire's common stock for $1,600,000. Note: Enter debits before credits