On January $2,2024,$ Sanborn Tobacco Incorporated bought $5\%$ of Jackson Industry$$s capital stock for $$92$ million. Jackson Industry$$s net income for the year ended December $31,2024,$ was $$122$ million. The fair value of the shares held by Sanborn was $$102$ million at December $31,2024.$ During $2024,$ Jackson declared a dividend of $$62$ million.

$1.$ Prepare all appropriate journal entries related to the investment during $2024.$

$2.$ Assume that Sanborn sold the stock on January $2,2025$ for $$114$ million. Prepare the journal entries Sanborn would use to record the sale.