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ANSWER THE QUESTION THAT FIT THE TABLE

Answer the questions that fits the tables correctly

On January 2, 2021, Sanbom Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net Income for the year ended December 31, 2021, was $120 million. The falr value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million. 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 (l.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. No Transactions General Journal Debit Credit 1 1 Investment in equity secunties 90 Cash 90 2 2 Cash * * Dividend revenue 3 x 8 X 13 3 Fair value adjustment X X 8 x Loss on investment (unrealized, NI) 12 X 4 4 Fair value adjustment Gain on investment (unrealized. Oc 12 x > [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million. 2. Assume that Sanborn sold the stock on January 2, 2022 for $110 million. Prepare the journal entries Sanborn would use to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) X Answer is not complete. No Transactions General Journal 90 1 1 Investment in equity securities Cash 90 Cash 303 Dividend revenue On January 2, 2021. Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90 million, Jackson Industry's net Income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million Required: 1. Prepare all approprlate 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 fleld. Enter your answers in millions (I.e., 10,000,000 should be entered es 10).) * Answer is complete but not entirely correct. Debit No Cred General Journal Transactions 1 1 Investment in equity securities Cash 2 2 Cash X 36 3. Dividend revenue 88 2 3 Fair value adjustment 00 Loss on investment (unrealized. NI) 12 4 Fair value adjustment Gain on investment (unrealized OCI)