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 40,000 shares (20% of total) of Kildaire's common stock for $1,400,000 oct. 23 Kildaire declared and paid a cash dividend of $3.80 per share. Dec. 31 Kildaire's net income for the year is $1,170,000 and the fair value of its stock at December 31 is $42 per share. Year 2 oct. 15 kildaire declared and paid a cash dividend of $2.70 per share. Dec. 31 Kildaire's net income for the year is $1,181,000 and the fair value of its stock at December 31 is $46 per share. Year 3 Jan. 2 selk sold 2% (equal to 100 shares) of its investment in Kildaire for $67,400 cash. Required: 1. 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 Complete this question by entering your answers in the tabs below. 3:02 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 40,000 shares (20% of total) of Kildaire's common stock for $1,400,000. Oct. 23 kildaire declared and paid a cash dividend of $3.80 per share. Dec. 31 Kildaire's net income for the year is $1,170,000 and the fair value of its stock at December 1 is $42 per share. Year 2 oct. 15 kildaire declared and paid a cash dividend of $2.70 per share! Dec.31 kildaire's net income for the year is $1,181,000 and the fair value of its stock at December 31 is $46 per share. Year 3 Jan. 2 selk sold % (equal to 100 shares) of its investment in Kaare for $67,400 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, Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 d: GME Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet
