[The following information applies to the questions displayed below.] 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 45,000 shares (20\% of total) of Kildaire's common stock for $1,665,000. October 23 Kildaire declared and paid a cash dividend of $3.40 per share. December 31 Kildaire's net income for the year is $1,189,000, and the fair value of its stock at December 31 is $44 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $3.80 per share. December 31 Kildaire's net income for the year is $1,117,000, and the fair value of its stock at December 31 is $46 per share. Year 3 January 2 Selk sold 3\% (equal to 1,350 shares) of its investment in Kildaire for $56,000 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. 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. Prepare journal entries to record the preceding transactions and events for Selk. Prepare journal entries to record the preceding transactions and events for Selk. repare journal entries to record the preceding transactions and events for Selk. Prepare journal entries to record the preceding transactions and events for Selk