The following information applies to the questions displayed below. Selk Steel Co, which began operations on January 4, 2015, had the following subsequent trensections and events in its long-term investments 2015 Jan. 5 Selk purchased 50,000 shares (25% of totel) of Kildaire's common stock for $1,000,000. Oct 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec 31 Kildaire's net income for 2015 is $1.214,000, and the fair value of its stock at December 31 is $30.50 per share. 2016 Oct 15 Kildaire declared and paid a cash dividend of $2 70 per share. Dec. 31 Kildaire's net income for 2016 is $1,526,000, and the fair value of its stock at December 31 is $32.50 per share. 2017 Jan. 2 Selk sold all of its investment in Kildaire for $1.498,000 cash