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 55,000 shares (20% of total) of Kildaire's common stock for $1,540,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 31 Kildaire's net income for the year is $1,173,000 and the fair value of its stock at December 31 is $34 per share. Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $2.80 per share. Dec. 31 Kildaire's net income for the year is $1,137,000 and the fair value of its stock at December 31 is $36 per share. Year 3 Jan. 2 Selk sold 4% (equal to 2,200 shares) of its investment in Kildaire for $69,200 cash. Problem 15-6A Accounting for long-term investments in stock without significant influence LO P4 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. & Answer is not complete