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. January 5 selk purchased 60,000 shares (2es of total) of kiddaire's connon stack for $11,560,000. Year 1 necember 31 kildaire's net incone for the year is $1,164,000, and the fair value of its stock at Deceeber 31 is 330. en october 23 kildaire declared and paid a cash dividend of 53.20 per share. per share. Decesber is kildaLre's net incone for the year is $1,476,000, and the fair value of ita stosk at oeceaber.31 is 532.00 October 25 kidaalre declared and pald a cash dividend of $2.60 per share: Year 2 per share. Yoar 3 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant Influence over the investee. Required: Prepare journal entries to record the preceding transactions and events for Selk. Required