ANSWER ALL PARTS TO THE PROBLEM.

On March 31, 2018. Chow Brothers, Inc., bought 6% of KT Manufacturing's capital stock for $53.9 million. KT's net income for the year ended December 31, 2018, was $81.3 million. The fair value of the shares held by Chow was $37.6 million 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 $31.3 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 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 Journal entry worksheet Record the purchase of KT Manufacturing's capital stock for $53.9 million. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Journal entry worksheet Record the entry for KT's net income. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet