Selk Steel Co, which began operations on January 4, 2017. had the following subsequent transactions and events in its long-term investments Problem C-4A Accounting for long-term investments in securities with and without significant influence P3 P4 2017 Dec. 31 Jan. Selk purchased 60.000 shares (20% of total) of Kildaire's common stock for S1,560,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share. 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 Kildare 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. Part 1 Assume that Selk has a significant influence over Kildaire with its 20% share of stock. Check Corry ng value por share 529 Required 1. Prepare journal entries to record these transactions and events for Selk, 2. Compute the carrying (book) value per share of Selk's investment in Kildaire common stock as re- flected in the investment account on January 1, 2019. 3. Compute the net increase or decrease in Selk's equity from January 5, 2017, through January 2, 2019, resulting from its investment in Kildaire. Part 2 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does nor have a significant influence over the investee and that it is classified as an available-for-sale security investment Required (11/2/2019 DE United Gain-Equity $360,000 1. Prepare journal entries to record the proceeding tertante de la che and events for Selk. Also prepare an entry 2. Compute the cost per share on Selk's investment in Kildaire common stock as reflected in the invest. ment account on January 1, 2019. (3) Noche 5682 000 3. Compute the net increase or decrease in Selk's equity from January 5, 2017, through January 2, 2019, resulting from its investment in Kildaire