On March $31,2024,$ Chow Brothers, Incorporated, bought $8\%$ of KT Manufacturing$$s capital stock for $$53\mathrm{.}3$ million. KT$$s net income for the year ended December $31,2024,$ was $$81\mathrm{.}1$ million. The fair value of the shares held by Chow was $$37\mathrm{.}2$ million at December $31,2024.$ KT did not declare or pay a dividend during $2024.$ Assume that Chow sold the stock on January $20,2025,$ for $$31\mathrm{.}1$ million. Prepare the journal entries to record the sale. On March $31,2024,$ Chow Brothers, Incorporated, bought $\backslash (8\backslash \%\backslash )$ of KT Manufacturing's capital stock for $\backslash (\backslash$$ $53\mathrm{.}3\backslash )$ million. KT$\text{'}$s net income for the year ended December $31,2024,$ was $\backslash (\backslash$$ $811\mathrm{.}1\backslash )$ million. The falr value of the shares held by Chow was $\backslash (\backslash$$ $37\mathrm{.}2\backslash )$ million at December $31,2024.$ KT did not declare or pay a dividend during $2024.$

Required:

$1.$ Prepare all appropriate journal entries related to the irvestment during $2024.$

$2$ Assume that Chow sold the stock on January $20,2025,$ for $\backslash$$$31\mathrm{.}1$ million. Prepare the Journal entries to record the sale.

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Assume that Chow sold the stock on January $20,2025,$ for $\backslash (\backslash$$ $31\mathrm{.}1\backslash )$ million. Prepare the joumal 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 $5\mathrm{.}5).$