53 Exercise 12-15 (Algo) Equity investments; fair value through net income (LO12-5] On March 31, 2021, Chow Brothers, Inc., bought 6% of KT Manufacturing's capital stock for $54.2 million. KT's net income for the year ended December 31, 2021, was $81.4 million. The fair value of the shares held by Chow was $37.8 million at December 31, 2021. KT did not declare or pay a dividend during 2021. Required: 1. Prepare all appropriate journal entries related to the investment during 2021 2. Assume that Chow sold the stock on January 20, 2022, for $31.4 million. Prepare the journal entries to record the sale. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).). View transaction list