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 0,000 shares (20% of total) of Kildaire's common stock for $2,830,000. October 23 Kildaire declared and paid a cash dividend of $3.80 per share. December 31 Kildaire's net income for the year is $1,178,000, and the fair value of its stock at December 31 is $37 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $3.50 per share. December 31 Kildaire's net income for the year is $1,177,000, and the fair value of its stock at December 31 is $39 per share. Year 3 January 2 Selk sold 3% (equal to 2,100 shares) of its investment in Kildaire for $67,700 cash. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet < 2 3 Selk purchased 70,000 shares (20% of total) of Kildaire's common stock for $2,030,000. Note: Enter debits before credits. Date January 05 General Journal Debit Credit Debt investments - Available-for-sale 2,030,000 Cash 2,030,000 < 2 3 Kildaire declared and paid a cash dividend of $3.80 per share. Note: Enter debits before credits. General Journal Debit Credit 266,000 266,000 Date October 23 Cash Dividend revenue Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet < 2 3 Kildaire's net income for the year is $1,178,000, and the fair value of its stock at December 31 is $37 per share. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Debt investments - Available-for-sale 235,600 Unrealized gain-Equity 235,600 Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet < 1 2 Kildaire declared and paid a cash dividend of $3.50 per share. Note: Enter debits before credits. General Journal Debit Credit 245,000 245,000 Date October 15 Cash Stock investments Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet < 2 Kildaire's net income for the year is $1,177,000, and the fair value of its stock at December 31 is $39 per share. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Stock investments 235,400 Unrealized gain - Income 235,400 Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet < 1 Selk sold 3% (equal to 2,100 shares) of its investment in Kildaire for $67,700 cash. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Cash 81,900 Stock investments 67,700 Gain on sale of stock investments 14,200 Record entry Clear entry View general journal