0 Required information Exercise 12-16 (Algo) Equity investments; fair value through net income (L012-5) The following information applies to the questions displayed below) On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capitol stock for $98 million Jackson Industry's net income for the year ended December 31, 2021, was $128 million. The folr value of the shares held by Sanborn was $114 million at December 31, 2021 During 2021. Jackson declared a dividend of $68 million Exercise 12-16 (Algo) Part 1 Required: 1. Prepare all appropriate journal entries related to the investment during 2021. (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 (1.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 3 4 Required information Required: 1. Prepare all appropriate journal entries related to the investment during 2021. (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 (1.o., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 2 3 4 1 > Record the purchase of Jackson Industry capital stock for $98 million Enter debts before credits Transaction General Journal Debit Credit !