On January 2, 2016, Sanborn Tobacco, Inc., bought 5% of Jackson Industry's capital stock for $50 million as a temporary investment. Sanborn realized that these securities normally would be classified as available- for-sale, but elected the fair value option to account for the investment. Jackson Industry's net income for the year ended December 31, 2016, was S75 million. The fair value of the shares held by Sanborn was $66 million at December 31, 2016 During 2016, Jackson declared a dividend of $20 million. Required: 1. How would this investment be classified on Sanborn's balance sheet? Available-for-sale securities Held-to-maturity securities Significant-influence investments Trading securities Other securities Prepare all appropriate journal entries related to the investment during 2016. (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)) Indicate the effect of this investment on 2016 income before taxes. (Enter your answers in millions, (i.e., 10,000,000 should be entered as 10).)