On March 31, 2021, Chow Brothers, Inc., bought 5% of KT Manufacturing's capital stock for $52.1 million. KT's net income for the year ended December 31, 2021, was $80.7 million. The fair value of the shares held by Chow was $36.4 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 $30.7 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 rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).). View transaction list View journal entry worksheet X Debit Credit 52.1 52.1 Record the purchase of KT Manufacturing's capital stock for $52.1 million. 15.7 2 Record the entry for KT's net income. 16 3 Record the fair value adjustment. Required 2 > On March 31, 2021, Chow Brothers, Inc., bought 5% of KT Manufacturing's capital stock for $52.1 million. KT's net income for the year ended December 31, 2021, was $80.7 million. The fair value of the shares held by Chow was $36.4 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 $30.7 million. Prepare the journal entries to record the sale. 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 $30.7 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).). View transaction list View journal entry worksheet X Debit Credit 5.7 Record the entry to adjust the fair value. 5.7 Record the sale of stock on January 20, 2022 for $30.7 million. 30.7 Required 2