1. Selk purchased 40,000 shares (20% of total) of Kildaire's common stock for $1,200,000.
2. Kildaire declared and paid a cash dividend of $4.20 per share
3. Kildaires net income for 2013 is $1,264,000, and the fair value of its stock at December 31 is $31.00 per share.
4. Kildaire declared and paid a cash dividend of $3.10 per share.
5. Kildaire's net income for 2014 is $1,576,000, and the fair value of its stock at December 31 is $33.00 per share.
6. Selk sold all of its investment in Kildaire for $1,665,000 cash.

Selk Steel Co., which began operations on January 4,2013 , had the following subsequent transactions and events in its long-term investments. 2013 Jan. 5 Selk purchased 40,000 shares (20\% of total) of Kildaire's common stock for Oct 23Kildaire declared and paid a cash dividend of $4.20 per share. Dec.31 Kildaire's net income for 2013 is $1,264,000, and the fair value of its stock at December 31 is $31.00 per share. 2014 Oct. 15 Kildaire declared and paid a cash dividend of $3.10 per share. Dec.31 Kildaire's net income for 2014 is $1,576,000, and the fair value of its stock at December 31 is $33.00 per share. 2015 Jan. 2 Selk sold all of its investment in Kildaire for $1,665,000 cash. Part 1 Assume that Selk has a significant influence over Kildaire with its 20% share of stock. Required: 1. Prepare journal entries to record these transactions and events for Selk. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)