E 12-15 Equity investments; fair value through net income L012-5 On March 31, 2021, Chow Brothers, Inc., bought 10% of KT Manufacturing's capital stock for $50 million. KT. net income for the year ended December 31, 2021. was $80 million. The fair value of the shares held bych $35 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 $30 million. Prepare the journal entry Chow would use to record the sale