Selk Steel Co., which began operations on January 4, 2015, had the following subsequent transactions and events in its long-term investments.
2015
Jan. 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,560,000.
Oct . 23 Kildaire declared and paid a cash dividend of $3.20 per share.
Dec. 31 Kildaire's net income for 2015 is $1,164,000, and the fair value of its stock at December 31 is $30.00 per share.