On March 31, 2024, Chow Brothers, Incorporated, bought 7% of KT Manufacturing's capital stock for $51.2 million. KT's net income for the year ended December 31,2024 , was $80.4 million. The fair value of the shares held by Chow was $35.8 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 $30.4 million. Prepare the journal entries to record the sale