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 $3.20 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 $30.00 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.60 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 $32.00 per share. Year 3 January 2 Selk sold 3% (equal to 1,800 shares) of its investment in Kildaire for $54,200 cash. Problem C-6A (Static) Accounting for long-term investments in stock without significant influence LO 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. Answer is not complete. 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. No 1 Date January 05 General Journal Stock investments Cash 2 October 23 Cash Dividend revenue 3 December 31 Fair value adjustment - Stock Unrealized gain - Income >> < Year 1 Year 2 > Debit 1,560,000 Credit 1,560,000 192,000 192,000 232,800 312,000