On March 31, 2024, Chow Brothers, incorporated, bought 5% of KT Manufacturing's capital stock for $55.1 million. KT's net income for the year ended December 31,2024 , was $81.7 million. The fair value of the shares held by Chow was $38.4 million at December 31 . 2024. KT did not declare or pay a dividend during 2024. Required: 1. Prepare all appropriate journal entries related to the investment during 2024 2. Assume that Chow sold the stock on January 20,2025 , for $31.7 million. Prepare the journal entiles to record the sale