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 $2024.$

Required:

Prepare the journal entry to record the purchase of KT Manufacturing$$s capital stock for $$53\mathrm{.}3$ million on March $31,2024.$

Prepare the journal entry to record the entry for KT$$s net income on Dec $31,2024.$

Prepare the journal entry to record the fair value adjustment on Dec $31,2024.$

Assume that Chow sold the stock on January $20,2025,$ for $$31\mathrm{.}1$ million. Prepare the journal entry to adjust the fair value on Jan $20,2025.$ Then, prepare the journal entry to record the sale of stock on January $20,2025$ for $$31\mathrm{.}1$ million.