Selk Steel Co., which began operations on January 4, 2017, had the following subsequent transactions and events in its long-term investments. 2017 Jan. 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,560,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share. Dec. 31 Kildaire's net income for 2017 is $1,164,000, and the fair value of its stock at December 31 is $30.00 per share. 2018 Oct. 15 Kildaire declared and paid a cash dividend of $2.60 per share. Dec. 31 Kildaire's net income for 2018 is $1,476,000, and the fair value of its stock at December 31 is $32.00 per share. 2019 Jan. 2 Selk sold all of its investment in Kildaire for $1,894,000 cash