On March $31,2024,$ Chow Brothers, Incorporated, bought $6\%$ of KT Manufacturing's capital stock for $$53\mathrm{.}0$ million. KT$\text{'}$s net income for the year ended December $31,2024,$ was $$81\mathrm{.}0$ million. The fair value of the shares held by Chow was $$37\mathrm{.}0$ 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 $$31\mathrm{.}0$ million. Prepare the journal entries to record the sale.

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

Required $1$

Required $2$

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 firs millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

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$\backslash$table$[[$No$,$Date,General Journal,Debit$],[1,$March $31,2024,$Investment in equity securities$,5],[,,$Cash,$]]$