Required information Use the following information for the Problems below. (Algo) [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. Year 1 January 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,320,000. October 23 Kildaire declared and paid a cash dividend of $2.20 per share. December 31 Kildaire's net income for the year is $1,164,000, and the fair value of its stock at December 31 is $30 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $3.10 per share. December 31 Kildaire's net income for the year is $1,195,000, and the fair value of its stock at December 31 is $32 per share. Year 3 January 2 Selk sold 2% (equal to 1,200 shares) of its investment in Kildaire for $66,500 cash. Problem 15-5A (Algo) Accounting for long-term investments in stock with significant influence LO P5 Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. No 1 Date January 05 General Journal Stock investments Cash 2 October 23 Cash Dividend revenue Debit Credit 1,320,000 1,320,000 132,000 132,000 480,000 480,000 3 December 31 Fair value adjustment - Stock Unrealized gain - Income < Year 1 Year 2 > Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. No Date 1 October 15 Cash Dividend revenue General Journal 2 December 31 Fair value adjustment - Stock Unrealized gain - Income < Year 1 Year 3 > Debit 186,000 Credit 186,000 120,000 120,000 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. No 1 Date January 02 General Journal Cash Gain on sale of stock investments Stock investments < Year 2 Year 3 Debit 66,500 Credit 1,200 26,400 x