Selk Steel Company, which began operations in Year $1,$ had the following transactions and events in its long$-$term investments.

Year $1$

January $5$ Selk purchased $60,000$ shares $(20\%$ of total$)$ of Kildaire's common stock for $$1,560,000.$

october $23$ Kildaire declared and paid a cash dividend of $$3\mathrm{.}20$ per share.

December $31$ Kildaire's net income for the year is $$1,164,000,$ and the fair value of its stock at December $31$ is $$30\mathrm{.}00$ per share.

Year $2$

October $15$ Kildaire declared and paid a cash dividend of $$2\mathrm{.}60$ per share.

December $31$ Kildaire's net income for the year is $$1,476,000,$ and the fair value of its stock at December $31$ is $$32\mathrm{.}00$ per share.

Year $3$

January $2$ Selk sold $3\%($equal to $1,800$ shares$)$ of its investment in Kildaire for $$54,200$ cash.

Assume that although Selk owns $20\%$ of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee.