Question: On March 3 1 , 2 0 2 4 , Chow Brothers, Incorporated, bought 1 0 % of KT Manufacturing's capital stock for $ 5

On March 31,2024, Chow Brothers, Incorporated, bought 10% of KT Manufacturing's capital stock for $50 million. KT's net income for the year ended December 31,2024, was $80 million. The fair value of the shares held by Chow was $35 million at December 31,2024. KT did not declare or pay a dividend during 2024.
Required:
Prepare all appropriate journal entries related to the investment during 2024.
Assume that Chow sold the stock on January 20,2025, for $30 million. Prepare the journal entries to record the sale.
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Prepare all appropriate journal entries related to the investment during 2024.
On March 31,2024, Chow Brothers, Incorporated, bought 10% of KT Manufacturing's

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