On March $31,2024,$ Chow Brothers, Incorporated, bought $7\%$ of KT Manufacturing's capital stock for $$51\mathrm{.}2$ million. KT$\text{'}$s net income for the year ended December $31,2024,$ was $$80\mathrm{.}4$ million. The fair value of the shares held by Chow was $$35\mathrm{.}8$ 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\mathrm{.}4$ million. Prepare the journal entries to record the sale.

Answer is complete but not entirely correct.

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Required $1$

Assume that Chow sold the stock on January $20,2025,$ for $$30\mathrm{.}4$ million. Prepare the journal entries to record the sale.

Note: 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 $5\mathrm{.}5).$

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $20,2025,$Loss on investments $($unrealized$,$ NI$),(2),15\mathrm{.}4,],[,,$Fair value adjustment,$(),,15\mathrm{.}4$