On March 31, 2021. Chow Brothers, Inc., bought 10% of KT Manufacturing's capital stock for $50 million. KT's net income for the year ended December 31 . 2021, was $80 million. The fair value of the shares held by Chow was $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 entries to record the sale. Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2021 . (1f no entry is required for a transaction/evint, select No lournal entry required in the first account fiefd. Enter your antwers in milions (i.e.r 10,000,000 ahould be entered af 10).) Journal entry worksheet Record the purchase of KT Manufacturing's capital stock for $50 million. Nutes Enter debies before credits. Journal entry worksheet Record the entry for KT 's net income. Note: Enter debits before credits. Journal entry worksheet 1 Record the fair value adjustment. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits, Journal entry worksheet Record the sale of stock on January 20,2022 for $30 million. Note: Enter debits before credits