! Required information Use the following information for the Problems below. (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 purchaned 55,000 shares (201 of total of Kildaire's common stock for $1,540,000. Oct. 23 kildaire declared and paid a cash dividend of $3.70 per share Dec. 31 daire net income for the year $1,173,000 and the fair value of its stock at December 31. 1. $34 per share Year 2 oct. 15 Kildare declared and paid a cash dividend of 92.80 per share. Dec. 31 Kildaire's not income for the year is $1,137,000 and the fair value of its stock at December 31 1 $36 per share Year 3 Jan. 2 selx nold 4 (equal to 2,200 share of its investment in xildaire for $69,200 canh Problem 15-6A Accounting for long-term investments in stock without significant influence LO BA 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. Required information 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 lit Journal entry worksheet 3 1 Selk purchased 55,000 shares (20% of total) or Kildaire's common stock for $1,540,000 Note: Enter debits before credits General Journal Debit Credit Dato Jan 05 HERICIILE UVEI LICHIVESCE. Required information riepare journal ennies w record the preceung Wan Saluun onu events Tor SEK. 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