I will give thumbs up for correct answers!

5 On March 31, 2021, Chow Brothers, Inc., bought 6% of KT Manufacturing's capital stock for $50.9 million. KT's net income for the year ended December 31, 2021, was $80.3 million. The fair value of the shares held by Chow was $35.6 million at December 31, 2021. KT did not declare or pay a dividend during 2021. 10 points 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 $30.3 million. Prepare the journal entries to record the sale. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 1 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).). Show less Credit No Date General Journal Debit 1 March 31, 202 Investment in equity securities 50.9 Cash 50.9 2 December 31 No journal entry required 3 X 15.3 December 31 Gain on investments (unrealized, NI) Fair value adjustment 15.3 5 On March 31, 2021, Chow Brothers, Inc., bought 6% of KT Manufacturing's capital stock for $50.9 million. KT's net income for the year ended December 31, 2021, was $80.3 million. The fair value of the shares held by Chow was $35.6 million at December 31, 2021. KT did not declare or pay a dividend during 2021. 10 points 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 $30.3 million. Prepare the journal entries to record the sale. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 1 2 Assume that Chow sold the stock on January 20, 2022, for $30.3 million. Prepare the journal entries to record the sale. (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).). Show less No Date General Journal Debit Credit 1 5.3 January 20, 2 Gain on investments (unrealized, OCI) Fair value adjustment 5.3 SX SX 2 30.3 January 20, 2 Cash Gain on investments (NI) Investment in equity securities 20.6 50.9