ORK PROBS F19 Saved Exercise 12-15 Equity investments; fair value through net income [L012-4] On Mar

ORK PROBS F19 Saved Exercise 12-15 Equity investments; fair value through net income [L012-4] On March 31, 2018, Chow Brothers, Inc., bought 5% of KT Manufacturing's capital stock for $54.5 million. KT's net income for the year ended December 31, 2018, was $81.5 million. The fair value of the shares held by Chow was $38.0 million at December 31, 2018. KT did not declare or pay a dividend during 2018. Required: 1. Prepare all appropriate journal entries related to the investment during 2018. 2. Assume that Chow sold the stock on January 20, 2019 for $31.5 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 2018. (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 (L.e, 5,500,000 should be entered as 5.5).1 View trasaction lint Journal entry worksheet 2 3 at219 1ppt