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 (25% of total) of Kildaire's conon stock for $1,200,000 Oct. 23 Kildare declared and paid cash dividend of $4.40 per share. Dec. 31 Kildaire's net income for 2017 is $1,264,000, and the fair value of its stock at December 31 591.20 per share 2018 Oct. 15 Kildare declared and paid cash dividend of $3.30 per share. Dec. 31 Kildale's net income for 2018 $1,596,000, and the fair value of stock at December 11 IN 5.20 per share 2019 Jan. 25elk sold all of its investment in Kildaire for $1,642.000 cash Part 1 Assume that Selk has a significant influence over Kildalte with its 25% 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.) Part 1 Assume that Selk has a significant influence over Kildaire with its 25% share of stock Required: 1. Prepare Joumal 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 View journal entry worksheet