Required: Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with ts 20% share of stock. Complete this question by entering your answers in the tabs below. Prepare 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: Entes debits before credits Journal entry worksheet Kildaire's net income for the year is $1,179,000, and the fair value of its stock at December 31 is $40 per share. Note: Enter debits before credits. Journal entry worksheet Kildaire declared and paid a cash dividend of $2.40 per share. Note: Enter debits before credits. 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 58,000 shares ( 20% of total) of Kildaire's common stock for $1,700,0e. October 23 Kildaire declared and paid a cash dividend of $2.40 per share. December 31 Kildaire's net incore for the year is $1,179,e0e, and the fair value of its stock at Decenber 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 $1,176,600, and the fair value of its stock at Decenber 31 is $42 per share. Year 3 January 2 selk sold 3% (equal to 1,500 shares) of its investment in Kildaire for $65,300 cash