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 50,000 shares (20: of total) of Kildaire's common stock for $1,100,000. October 23 Kildaire declared and paid a cash dividend of $2.10 per share. December 31 Kildaire's net income for the year is $1,112,000, and the fair value of its stock at December 31 is $26 per share. Year 2 October 15 Kildaire declared and paid a cash dividend of $2.90 per share. Decenber 31 Kildaire's net income for the year is $1,106,000, and the fair value of 1 ts 5 tock at Decenber' 31 is $29 per share. Year 3 January 2 Selk sold 38 (equal to 1,500 shares) of its investment in Kildaire for $68,900 cash. Problem 15-6A (Algo) Accounting for long-term investments in stock without significant influence LO Assume that although Selk owns 20% of Kildaire's outstanding stock, circumstances indicate that it does not have a significant Influence over the investee. repare journal entries to record the preceding transactions and everits for Selk. Prepare journal entries to record the preceding transactions and events for Selk. Prepare journal entries to record the preceding transactions and events for Selk