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. Required 1 Required 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 (i.e., 10,000,000 should be entered as 10).) No Date General Journal Debit Credit March 31, 2021 Investment in equity securities Cash 2 December 31, 202. Loss on investments (unrealized, NI) & Fair value adjustment 15 Complete this question by entering your answers in the tabs below. Required 1 Required 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 millioris (i.e., 10,000,000 should be entered as 10).) No General Journal Debit Credit March 31, 2021 Investment in equity securities Cash 2 December 31, 202 Loss on investments (unrealized, NI) x 15 Fair value adjustment 15 3 December 31, 202- No journal entry required Required 2 ad 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. ded Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that Chow sold the stock on January 20, 2022, for $30 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 (i.e., 10,000,000 should be entered as 10).) Date General Journal Debit Credit January 20, 2022 Loss on investments (unrealized, NI) 5 Fair value adjustment 2 January 20, 2022 Cash 30 Fair value adjustment Investment in equity securities 50