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Required information IThe 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 65,000 shares (20% of total) of Kildaire's common stock for $1,690,000. Oct. 23 kildaire declared and paid a cash dividend of $2.00 per share. Dec. 31 Kildaire's net income for the year is $1,192,000 and the fair value of its stock at December 31 is $31 per share. Year 2 Oct. 15 Kildare declared and paid a cash dividend of $3.90 per share. Dec. 31 Kildares net income for the year is $1,139,000 and the fair value of its stock at December 31 1 $33 per share Year 3 Jan. 2 Selk sold 5% (equal to 3,250 shares) of Its Investment In Kildaire for $91,000 cash. Required: 1. Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with its 20% share of stock View allsa SE Journal entry worksheet Selk purchased 65,000 shares (20% of total) of Kildaire's common stock for $1,690,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan 05 View general Journal Clear entry Record entry Journal entry worksheet 1 3 Kildaire declared and paid a cash dividend of $2.00 per share. Note: Enter debits before credits. Date General Journal Debit Credit Oct 23 Record entry Clear entry View general journal 5