Multiple step questions, please answer :)

0 Required information [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 55,000 shares (20% of total) of Kildaire's common stock for $1,500,000 Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 31 Kildaire's net income for the year is $1,173,000 and the fair value of its stock at December 31 is $34 per Share Year 2 Oct. 15 Kildare declared and paid a cash dividend of $2.80 per share. Dec. 31 Kildaire's net income for the year is $1,137,000 and the fair value of its stock at December 31 is 336 per share. Year 3 Jan. 2. Selk sold 4 (equal to 2,200 shares) of its investment in Kildare for $69,200 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 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Required: 1. Prepare journal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare Journal entries to record the preceding transactions and events for Selk, View transaction list Journal entry worksheet 2 3 Selk purchased 55,000 shares (20% of total) of Kildaire's common stock for $1,540,000 Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year. (1) all sales are credit sales. Q) all credits to Accounts Receivable reflect cash receipts from customers. (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflet cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $78,400 $92,5 Accounts receivable 94,460 69,625 Inventory 304,156 270,500 Prepaid expenses 1,400 2,275 Total current assets 478,416 435,200 Equipment 138,500 127,000 Accum. depreciation Equipment (46,125) 55,500) Total assets $570,791 $ 506,700 Liabilities and Equity Accounts payable $ 72,141 $ 143,175 Short term notes payable 15,700 9,800 Total current liabilities 37,341 152,975 Long-term notes payable 55,500 67.750 Total liabilities 143, 341 220,725 Equity Comon stock, 55 par value 191,250 169,250 Paid-in capital in excess of par, common stock 66,000 a Retained earnings 170,200 116,725 Total liabilities and equity $570,791 $ 506,700 Ch 2 $677,500 304.00 373,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 39,750 other expenses 151,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net Income 191,150 24.225) 158.225 50.550 $ 107,375 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $24125 (details in ) b. Sold equipment costing $103,875, with accumulated depreciation of $49125 for $30.625 cash c. Purchased equipment costing $115.375 by paying $68.000 cash and signing a long-term note payable for the balance d. Borrowed 55,900 cash by signing a short-term note payable e. Paid $59.625 cash to reduce the long-term notes payable f. Issued 4,400 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $53,900 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile not income to not cash provided by operations Cash firm investigations 0 Required information [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 55,000 shares (20% of total) of Kildaire's common stock for $1,500,000 Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 31 Kildaire's net income for the year is $1,173,000 and the fair value of its stock at December 31 is $34 per Share Year 2 Oct. 15 Kildare declared and paid a cash dividend of $2.80 per share. Dec. 31 Kildaire's net income for the year is $1,137,000 and the fair value of its stock at December 31 is 336 per share. Year 3 Jan. 2. Selk sold 4 (equal to 2,200 shares) of its investment in Kildare for $69,200 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 Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant influence over the investee. Required: 1. Prepare journal entries to record the preceding transactions and events for Selk. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare Journal entries to record the preceding transactions and events for Selk, View transaction list Journal entry worksheet 2 3 Selk purchased 55,000 shares (20% of total) of Kildaire's common stock for $1,540,000 Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year. (1) all sales are credit sales. Q) all credits to Accounts Receivable reflect cash receipts from customers. (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflet cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $78,400 $92,5 Accounts receivable 94,460 69,625 Inventory 304,156 270,500 Prepaid expenses 1,400 2,275 Total current assets 478,416 435,200 Equipment 138,500 127,000 Accum. depreciation Equipment (46,125) 55,500) Total assets $570,791 $ 506,700 Liabilities and Equity Accounts payable $ 72,141 $ 143,175 Short term notes payable 15,700 9,800 Total current liabilities 37,341 152,975 Long-term notes payable 55,500 67.750 Total liabilities 143, 341 220,725 Equity Comon stock, 55 par value 191,250 169,250 Paid-in capital in excess of par, common stock 66,000 a Retained earnings 170,200 116,725 Total liabilities and equity $570,791 $ 506,700 Ch 2 $677,500 304.00 373,500 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 39,750 other expenses 151,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net Income 191,150 24.225) 158.225 50.550 $ 107,375 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $24125 (details in ) b. Sold equipment costing $103,875, with accumulated depreciation of $49125 for $30.625 cash c. Purchased equipment costing $115.375 by paying $68.000 cash and signing a long-term note payable for the balance d. Borrowed 55,900 cash by signing a short-term note payable e. Paid $59.625 cash to reduce the long-term notes payable f. Issued 4,400 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $53,900 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile not income to not cash provided by operations Cash firm investigations