Required Information Use the following information for the Problems below. (Algo) [The following Information applles 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 50,68 shares (26\% of total) of kildaire's common stock for $1,780,680. October 23 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Kildaire's net income for the year is $1,179,696, and the fair value of its stock at December 31 is $40 per share. Year 2 October 15 kildaire declared and paid a cash dividend of $2.10 per share. December 31 Kildaire's net income for the year is $1,176,680, and the fair value of its stock at December 31 is $42 per share. Year 3 January 2 selk sold 3% (equal to 1,580 shares) of its investment in Kildaire for $65,380 cash. Problem C-5A (Algo) Accounting for long-term investments in stock with significant influence LO P5 repare journal entries to record these transactions and events for Selk. Journal entry worksheet Selk purchased 50,000 shares (20\% of total) of Kildaire's common stock for $1,700,000. Note: Enter debits before credits. Prepare journal entries to record these transactions and events for Selk. Journal entry worksheet Kildaire declared and paid a cash dividend of $2.10 per share. Note: Enter debits before credits. Prepare journal entries to record these transactions and events for Selk. Journal entry worksheet Selk sold 3\% (equal to 1,500 shares) of its investment in Kildaire for $65,300cash. Note: Enter debits before credits