On March 31, 2021, Chow Brothers, Inc., bought 5% of KT Manufacturing's capital stock for $56.0 million. KT's net income for the year ended December 31, 2021, was $82.0 million. The fair value of the shares held by Chow was $39.0 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 $32.0 million. Prepare the journal entries to record the sale. 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 View transaction list Journal entry worksheet Record the purchase of KT Manufacturing's capital stock for $56 million. Note: Enter debits before credits. Debit Credit Date General Journal March 31, Investment in equity securities 2021 Cash 56.0 56.0 Record entry View general journal Clear entry Required 1 Required 2 >