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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 65,000 shares (20% of total) of Kildaire's common stock for $1,885,000 oct. 23 Kildaire declared and paid a cash dividend of $4.00 per share. Dec. 31 Kildaire's net income for the year is $1,198,000 and the fair value of its stock at December 31 is 533 per share. Year 2 Oct. 15 Kildare declared and paid a cash dividend of 53.60 per share, Dec. 31 Kildare's net income for the year 15 $1,173,600 and the fair value of its stock at December 3115 $35 per share. Year 3 Jan. 2. Selk sold 2% (equal to 1,300 shares) of its investment in Kildare for $48,000 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. Complete this question by entering your answers in the tabs below. Vear 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction list Journal entry worksheet Kildare declared and paid a cash dividend of $4,00 per share. ws Note Edebit before and General Journal Debit Credit Date Oct 28 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 Selk purchased 65,000 shares (20% of total) of Kildare common stock for $1,85,000 Oct. 23 Kildaire declared and paid a cash dividend of $4.00 per share Dec. 31 Kildaire's net income for the year 11 11,198,000 and the fair value of its stock at December 31 15 533 per share Year 2 Oct. 15 xildatre declared and paid a cash dividend of 33.60 per share Dec. 1 Kildare's not income for the year is $1,173,000 and the fair value of its stock at December 1 is $35 per share. Year 3 Jan. 2. Solk sold 2 (equal to 1,300 shares) of its investment in Klidaire for $4, cash. 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 Vear 2 Prepare journal entries to record the preceding transactions and events for Selk, View transaction des Journal entry worksheet 2 3 Kildaire's net income for the year is $1.198,000, and the fair value of its stock at December 31 is $33 per share. Nordea before credits Date General Journal Debit Credit Dec 31