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 55,000 shares (20% of total) of Kildaire's common stock for $1,485,000. October 23 Kildaire declared and paid a cash dividend of $2.70 per share. December 31 Kildaire's net income for the year is $1,127,000, and the fair value of its stock at December 31 is $33 per Year 2 share. October 15 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Kildaire's net income for the year is $1,151,000, and the fair value of its stock at December 31 is $35 per share. Year 3 January 2 Selk sold 5% (equal to 2,750 shares) of its investment in Kildaire for $84,700 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