YEAR 1:

YEAR 2:

YEAR 3:

Required Information [The following informatlon 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 60 , 000 shares (20\% of total) of Kildaire's common stock for $1,560,000. october 23 Kildaire declared and paid a cash dividend of $3.20 per share. December 31 Kildaire's net income for the year is $1,164,000, and the fair value of its stock at December 31 is $30.00 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.60 per share. December 31 Kildaire's net income for the year is $1,476, eee, and the fair value of its stock at December 31 is $32.00 per share. Year 3 January 2 selk sold 3% (equal to 1,880 shares) of its investment in Kildaire for $54,200 cash. sssume that although Selk owns 20% of Kildaire's outstanding stock, circumstances Indicate that It does not have a significant fluence over the Investee. equlred: repare Journal entrles to record the preceding transactions and events for Selk. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Note: Enter debits before credits. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Kildaire declared and paid a cash dividend of $3.20 per share. Note: Enter debits before credits. Journal entry worksheet 1 Kildaire's net income for the year is $1,164,000, and the fair value of its stock at December 31 is $30.00 per share. Note: Enter debits before credits. Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Kildaire declared and paid a cash dividend of $2.60 per share. Note: Enter debits before credits. repare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Kildaire's net income for the year is $1,476,000, and the fair value of its stock at December 31 is $32.00 per share. Note: Enter debits before credits. repare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Selk sold 3% (equal to 1,800 shares) of its investment in Kildaire for $54,200 cash. Note: Enter debits before credits