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On March 31, 2021, Chow Brothers, Inc., bought 8% of KT Manufacturing's capital stock for $53.3 million. KT's net income for the year ended December 31, 2021, was $81.1 million. The fair value of the shares held by Chow was $37.2 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 $31.1 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 No Date General Journal Debit Credit 1 March 31, 20 Investment in equity securities 53.3 Cash 53.3 2 December 31 No journal entry required 3 16.1V December 31 Gain on investments (unrealized, NI) Fair value adjustment 16.1 Required 1 Required 2 > On March 31, 2021, Chow Brothers, Inc., bought 8% of KT Manufacturing's capital stock for $53.3 million. KT's net income for the year ended December 31, 2021, was $81.1 million. The fair value of the shares held by Chow was $37.2 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 $31.1 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 $31.1 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 January 20, 2 Gain on investments (unrealized, OCI) 6.1 Fair value adjustment 6.1 N 31.1 22.2V January 20, 2 Cash Loss on investments (unrealized, OCI) Investment in equity securities