Required information The following information applies to the questions displayed below Selk Steel Co., which began operations on January 4, 2017, had the following subsequent transactions and events in its long-term investments. 2017 Jan. 5 Selk purchased 50,000 shares (20% of total) of Kildare's common stock for $1,350,000. Oct. 23 Kildaire declared and paid a cash dividend of $4.00 per share Dec. 31 Kildaire's net income for 2017 is $1,244,000, and the fair value of its stock at December 31 is $30.80 per share 2018 Oct. 15 Kildaire declared and paid a cash dividend of $2.90 per share Dec. 31 Kildaire's net income for 2018 is $1,556,000, and the fair value of its stock at December 31 is $32.80 per share 2019 Jan. 2 Selk sold all of its investment in Kildaire for $1,820,000 cash. Part 1 Assume that Selk has a significant influence over Kildare with its 20% share of stock. Required: 1. Prepare journal entries to record these transactions and events for Selk. (If no entry is required for a transaction/event, select No journal entry required" in the first account field.)