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 $65,000$ shares of total$)$ of Kildaire's common stock for $$1,690,000.$

october $23$ Kildaire declared and paid a cash dividend of $$2\mathrm{.}00$ per share.

December $31$ Kildaire's net income for the year is $$1,192,000,$ and the fair value of its stock at December $31$ is $$31$ per share.

Year $2$

October $15$ Kildaire declared and paid a cash dividend of $$3\mathrm{.}90$ per share.

December $31$ Kildaire's net income for the year is $$1,139,000,$ and the fair value of its stock at December $31$ is $$33$ per share.

Year $3$

January $2$ Selk sold $5\%($equal to $3,250$ shares$)$ of its investment in Kildaire for $$91,000$ cash.

Required:

Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with its $20\%$ share of stock.

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