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y ST Yahoo Search Results ch12 s2019 019 Help Save& Exit Submit On March 31, 2018, Chow Brothers, Inc., bought 7% of KT Manufacturing's capital stock for $53.6 million. KT's net income for the year ended December 31, 2018, was $81 2 milion. The fair value of the shares held by Chow was $374 on at December 31, 2018. KT did not declare or pay a dividend during 2018. Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. Assume that Chow sold the stock on January 20, 2019 for $31.2 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 2018. (If no entry is required for a 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).). n/event, select "No View transaction list Journal entry worksheet Next > 4 of 6 Prev 4 of 6 4 View transaction list Journal entry worksheet 10 points Skipped Record the entry for KT's net income. eBook Print Note: Enter debits before credits. References Event General Journal Debit Credit 2 View general journal Clear entry Record entry Next >