Record journal entries. NOTE the REQUIRED Information: "Circumstances indicate..."

Required information Use the following information for the Problems below. (Algo) [The following information 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 65,000 shares (20\% of totat) of Kitdaire's common stock for $2,470,000. 0ctober 23 Kildaire declared and paid a cash dividend of $3.70 per share. December 31 Kildaire's net income for the year is $1,179,000, and the fair value of its stock at December 31 is $45 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.70 per share. December 31 Kildaire's net income for the year is $1,159,000, and the fair value of its stock at December 31 is $48 per share. Year 3 January 2 Selk sold 24 (equal to 1,300 shares) of its investment in Kildaire for $66,800 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: Prepare journal entries to record the preceding transactions and events for Selk. Journal entry worksheet Selk purchased 65,000 shares ( 20% of total) of Kildaire's common stock for $2,470,000. Note: Enter debits before credits. Journal entry worksheet Kildaire declared and paid a cash dividend of $3.70 per share. Note: Enter debits before credits. Kildaire's net income for the year is $1,179,000, and the fair value of its stock at December 31 is $45 per share. Note: Enter debits before credits