Use the following information for the Problems below. The following information applies to the questions displayed below Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments Year 1 Jan. 5 Selk purchased 70,000 shares (20% of total) of Kildaire's common stock for $2,800,000 Oct. 23 Kildaire declared and paid a cash dividend of $3.20 per share. Dec. 31 Kildaire's net income for the year is $1,132,000 and the fair value of its stock at December 31 is 547 per share. Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $2.30 per share. Dec. 31 Kildaire's net income for the year is $1,126,000 and the fair value of its stock at December 31 is $50 per share Year 3 Jan. 2 Selk sold 3% (equal to 2,100 shares) of its investment in Kildare for $88,200 cash. Problem 15-5A Accounting for long-term investments in stock with significant influence LO P5 Required: 1. Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kidaire with its 20% share of stock Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3