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 $1,320,000. October 23 Kildaire declared and paid a cash dividend of $2.20 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 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $3.10 per share. December 31 Kildaire's net income for the year is $1,195,000, and the fair value of its stock at December 31 is $32 per share. Year 3 January 2 Selk sold 2% (equal to 1,200 shares) of its investment in Kildaire for $66,500 cash. Problem 15-6A (Algo) Accounting for long-term investments in stock without significant influence LO P4 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Required: Prepare journal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record the preceding transactions and events for Selk