The following information applies to the questions displayed below. Selk Steel Co., which began operations on January 4, 2013, had the following subsequent transactions and events in its long-term investments. 2013 Jan. 5 Selk purchased 50,000 shares (25% of total) of Kildare's common stock for $1,100,000. Oct. 23 Kildaire declared and paid a cash dividend of $6.00 per share. Dec. 31 Kildaire's net income for 2013 is $1,334,000, and the fair value of its stock at December 31 is $31.70 per share. 2014 Oct. 15 Kildaire declared and paid a cash dividend of $3.80 per share. Dec. 31 Kildaire's net income for 2014 is $1,646,000, and the fair value of its stock at December 31 is $33.70 per share. 2015 Jan. 2 Selk sold all of its investment in Kildaire for $1,525,000 cash