Selk Steel Co., which began operations on January 4, 2017, had the following subsequent transactions and events in its long-term investments

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 $4.40 per share. Dec. 31 Kildaire's net income for 2017 is $1,284,000, and the fair value of its stock at December 31 is $31.20 per share 2018 Oct. 15 Kildaire declared and paid a cash dividend of $3.30 per share. Dec. 31 Kildaire's net income for 2018 is $1,596,000, and the fair value of its stock at December 31 is $33.20 per share 2019 Jan. 2 Selk sold all of its investment in Kildaire for $1,642,000 cash. Part 1 Assume that Selk has a significant influence over Kildare with its 25% share of stock. Required 1. Prepare journal entries to record these transactions and events for Selk. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2017 2018 2019 Prepare journal entries to record these transactions and events for Selk. No Date General Journal Debit Credit 1Jan 05, 2017Long-term investments Kildaire 1,200,000 Cash 1,200,000 Oct 23, 2017 Cash 220,000 220,000 Long-term investments Kildaire 321,000 3 Dec 31, 2017 Long-term investments Kildaire Earnings from long-term investment 21,000 Part 1 Assume that Selk has a significant influence over Kildaire with its 25% share of stock. Required: 1. Prepare journal entries to record these transactions and events for Selk. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2017 2018 2019 Prepare journal entries to record these transactions and events for Selk. Date General Journal Debit Credit No Oct 15, 2018 Cash 165,000 65,000 Long-term investments-Kildaire 399,000 2 Dec 31, 2018 Long-term investments-Kildaire 99,000 Earnings from long-term investment Part 1 Assume that Selk has a significant influence over Kildaire with its 25% share of stock. Required: 1. Prepare journal entries to record these transactions and events for Selk. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2019 2017 2018 Prepare journal entries to record these transactions and events for Selk Date Debit Credit No General Journal 1,642.,000 Jan 02, 2019 Cash 165,000 ,200,000 Gain on sale of investment Long-term investments-Kildaire 2. Compute the carrying (book) value per share of Selk's investment in Kildaire common stock as reflected in the investment account on January 1, 2019. (Round your answer to 1 decimal place.) Answer is complete but not entirely correct. Carrying value per 179 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 Answer is not complete. in Selk's equity netincreaseelsek'sequity Part 2 Assume that although Selk owns 25% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee and that it is classified as an available-for-sale security investment. Required: 1. Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated January 2, 2019, to remove any balance related to the fair value adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Complete this question by entering your answers in the tabs below. 2017 2018 2019 Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated January 2, 2019, to remove any balance related to the fair value adjustment. General Journal Date Debit Credit No 1.200,000 | Jan 05, 2017 Long-term investments-AFS (Kdare) ,200,000 Cash Part 2 Assume that although Selk owns 25% of Kildare's outstanding stock, circumstances indicate that it does not have a significant influence over the investee and that it is classified as an available-for-sale security investment. Required: 1. Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated January 2, 2019, to remove any balance related to the fair value adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. 2017 2018 2019 Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated January 2, 2019, to remove any balance related to the fair value adjustment. View transaction list Journal entry worksheet Kildaire declared and paid a cash dividend of $3.30 per share. Part 2 Assume that although Selk owns 25% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee and that it is classified as an available-for-sale security investment. Required 1. Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated January 2, 2019, to remove any balance related to the fair value adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. 2017 2018 2019 Prepare journal entries to record the preceding transactions and events for Selk. Also prepare an entry dated January 2, 2019, to remove any balance related to the fair value adjustment. View transaction list Journal entry worksheet Selk sold all of its investment in Kildaire for $1,642,000 cash. Note: Enter debits before credits 2. Compute the cost per share of Selk's investment in Kildaire common stock as reflected in the investment account on January 1, 2019. Investment cost per share 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. is