On March $31,2024,$ Chow Brothers, Incorporated, bought $10\%$ of KT Manufacturing's capital stock for $$50$ million. KT$\text{'}$s net income for the year ended December $31,2024,$ was $$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.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Required $1$

Prepare all appropriate journal entries related to the investment during $2024.$

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 $($i$.$e$.,10,000,000$ should be entered as $10).$

$\backslash$table$[[$No$,$Date,General Journal,,Debit,Credit$],[1,$March $31,2024,$Investment in equity securities$,0,52ox,],[,,$Cash,$0,,52ox$