On March $31,2024,$ Chow Brothers, Incorporated, bought $5\%$ of KT Manufacturing$$s capital stock for $$55\mathrm{.}1$ million. KT$$s net income for the year ended December $31,2024,$ was $$81\mathrm{.}7$ million. The fair value of the shares held by Chow was $$38\mathrm{.}4$ million at December $31,2024.$ KT did not declare or pay a dividend during $2024.$

Required:

Prepare all appropriate journal entries related to the investment during $2024.$

Assume that Chow sold the stock on January $20,2025,$ for $$31\mathrm{.}7$ million. Prepare the journal entries to record the sale.