Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 50,000 shares (20of total) of Kildaire's common stock for $1,400,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share. Dec. 31 Kildaire's net income for the year is $1,145,000 and the fair value of its stock at December 31 is $36 per share. Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $2.60 per share. Dec. 31 Kildaire's net income for the year is $1,138,000 and the fair value of its stock at December 31 is $40 per share. Year 3 Jan. 2 Selk sold 48 (equal to 2,000 shares) of its investment in Kildaire for $69,800 cash. 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: 1. Prepare journal entries to record the preceding transactions and events for Selk. Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list Journal entry worksheet 3 Selk purchased 50,000 shares (20% of total) of Kildaire's common stock for $1,400,000 Note: Enter debits before credits Date General Journal Debit Credit Jan 05 Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list Journal entry worksheet Kildaire declared and paid a cash dividend of $3.20 per share. Note: Enter debits before credits Date General Journal Debit Credit Oct 23 Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk. View transaction list Journal entry worksheet