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 60,000 shares (20% of total) of Kildaire's common stock for $1,320,000. Oct. 23 Kildaire declared and paid a cash dividend of $2.20 per share. Dec. 31 Kildaire's net income for the year is $1,164,000 and the fair value of its stock at December 31 is $30 per share. Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $3.10 per share. Dec. 31 Kildaire's net income for the year is $1,195,000 and the fair value of its stock at December 31 is $32 per Year 3 share. Jan. 2 Selk sold 2% (equal to 1,200 shares) of its investment in Kildaire for $66,500 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. Answer is complete but not entirely correct. 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 Stock investments Cash 2 Oct 23 Cash Stock investments 3 Dec 31 Stock investments Dividend revenue Debit 1,320.000 Credit 1,320,000 132,000 132,000 232,800 232,800 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. Answer is complete but not entirely correct. 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 1 Oct 15 Cash Stock investments 2 Dec 31 Stock investments Dividend revenue General Journal Debit 186,000 Credit x 186,000 239,000 239,000 < Year 1 Year 3 > 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. Answer is complete but not entirely correct. 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 1 Date Jan 02 General Journal Cash Gain on sale of debt investments Stock investments * * * < Year 2 Years > Debit Credit 66,500 37,024 29,476