Required Information [The following Information applies to the questions displayed below.] Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 65,000 shares (20% of total) of Kildaire's common stock for $2,470,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 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 Oct. 15 Kildaire declared and paid a cash dividend of $2.70 per share. Dec. 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 Jan. 2 Selk sold 2% (equal to 1,300 shares) of its investment in Kildaire for $66,800 cash. Required: 1. 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. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. No Date General Journal 1 Jan 05 Debt investments-HTM Cash Debit Credit 2,470,000 2,470,000 240,500 240,500 1,748,000 1,748,000 2 Oct 23 Cash Debt investments - HTM 3 Dec 31 Debt investments - HTM Earnings from equity method investments < Year 1 Year 2 > Required Information [The following Information applies to the questions displayed below.] Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 65,000 shares (28% of total) of Kildaire's common stock for $2,470,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 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 Oct. 15 Kildaire declared and paid a cash dividend of $2.70 per share. Dec. 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 Jan. 2 Selk sold 2% (equal to 1,300 shares) of its investment in Kildaire for $66,800 cash. Required: 1. 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. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. No Date General Journal 1 Oct 15 Cash Debt investments - HTM 2 Dec 31 Debt investments - HTM Gain on sale of debt investments < Year 1 Year 3 > Debit Credit 175,500 175,500 1,960,000 1,960,000 x Required Information [The following Information applies to the questions displayed below.] Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 65,000 shares (20% of total) of Kildaire's common stock for $2,470,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 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 Oct. 15 Kildaire declared and paid a cash dividend of $2.70 per share. Dec. 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 Jan. 2 Selk sold 2% (equal to 1,300 shares) of its investment in Kildaire for $66,800 cash. Required: 1. 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. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. 88 No Date General Journal Debit Credit 1 Jan 02 Cash 66,800 Loss on sale of debt investments Debt investments - HTM < Year 2 Year 3 >