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 65,00 shares (20% of total) of Kildaire's common stock for $1,690,000. Dec. 31 Kaldaire's net income for the year is $1,192, eee and the fair value of its stock at December 31 is $31 per share Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $3.90 per share. Dec. 31 Klidaire's not income for the year is $1,139,000 and the fair value of its stock at December 31 is 533 per share. Year 3 Jan. 2 Selk sold 5% (equal to 3,250 shares) of its Investment in Kildaire for $91,000 cash Required: 1. Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildare with its 20% share of stock, Journal entry worksheet K 1 2. 3 Selk purchased 65,000 shares (20% of total) of Kildaire's common stock for $1,690,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 Journal entry worksheet 1 2 3 Kildaire dedared and paid a cash dividend of $2.00 per share. Note: Enter debits before credits. Date General Journal Debit Credit Oct 23 Journal entry worksheet Selk sold 5% (equal to 3,250 shares) of its investment in Kildaire for $91,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 Journal entry worksheet