anufacturing's capital stock for $50 million. KT's E 12-15 Equity investments; fair value through net income LO12-5 On March 31, 2021, Chow Brothers, Inc., bought 10% of KT Manufacturing's capital stock for d by Chow was net income for the year ended December 31, 2021, was $80 million. The fair value of the shares $35 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 million. Prepare the journal enti use to record the sale. on. Prepare the journal entry Chow would