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 50,000 shares (25% of total) of Kildaire's common stock for $1,200,000.
Oct.	23	Kildaire declared and paid a cash dividend of $3.50 per share.
Dec.	31	Kildaire's net income for 2017 is $1,234,000, and the fair value of its stock at December 31 is $30.70 per share.

2018

Oct.	15	Kildaire declared and paid a cash dividend of $3.00 per share.
Dec.	31	Kildaire's net income for 2018 is $1,546,000, and the fair value of its stock at December 31 is $32.70 per share.

2019

Jan.

2

Selk sold all of its investment in Kildaire for $1,800,000 cash.

REQUIRED ENTRIES:

Selk purchased 50,000 shares (25% of total) of Kildaire's common stock for $1,200,000.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 05, 2017

Kildaire declared and paid a cash dividend of $3.50 per share.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Oct 23, 2017

Kildaire's net income for 2017 is $1,234,000, and the fair value of its stock at December 31 is $30.70 per share.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec 31, 2017