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 40,000 shares (20% of total) of Kildaire's common stock for $1,000,000. Oct. 23 kildaire declared and paid a cash dividend of $3.50 per share. Dec. 31 Kildaire's net income for 2017 is $1,254,000, and the fair value of its stock at December 31 is $30.90 per share. 2018 Oct. 15 Kildaire declared and paid a cash dividend of $3.40 per share. Dec. 31 Kildaire's net income for 2018 is $1,566,000, and the tair value of its stock at December 31 is $32.90 per share. 2019 Jan. 2 Solk sold all of its investment in Kildaire for $1,425,000 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.) Complete this question by entering your answers in the tabs below. 2017 2018 2019 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet Selk purchased 40,000 shares (20% of total) of Kildaire's common stock for $1,000,000 Note: Enter debits before credits Date General Journal Debit Credit Jan 05, 2017 2017 2018 2019 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet 1 2 3 > Kildaire declared and paid a cash dividend of $3.50 per share. Note: Enter debits before credits. General Journal Debit Credit Date Oct 23, 2017 Record entry Clear entry View general Journal Journal entry worksheet Kildaire's net income for 2017 is $1,254,000, and the fair value of its stock at December 31 is $30.90 per share. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2017 Record entry Clear entry View general journal 2017 2018 2019 pare journal entries to record these transactions and events for Selk. lew transaction list Journal entry worksheet