On January 2, 2018, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $93 million. Jackson Industry's net income for the year ended December 31, 2018, was $123 million. The fair value of the shares held by Sanborn was $104 million at December 31, 2018. During 2018, Jackson declared a dividend of $63 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2018 the sale 2. Assume that Sanborn sold the stock on January 2, 20t9 for $116 milion Prepare the journal entries Sanborn would use to recra 3 Answer is complete but not entirely correct. 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 (.e 5,500,000 should be entered as 5.5).) in the f Investment in Jackson Industry shares 930 9300 Cash No journal entry required 630 Cash 630 Dividend revenue Answer is complete but not entirely correct. 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 5,500,000 should be entered as 5.5).) No General Journal Debit Investment in Jackson Industry shares 930 Cash 30 No jounal entry required Cash 63 Dividend revenue 630 Fair value adjustment 1100 100 Required 2 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that Sanborn sold the stock on January 2, 2019 for $116 milion. Prepare the journal entries Sa required" in the first account field. er your answers in millions rounded to 1 decimal place (i.e, 5,500,000 should be entered as 5.5).) No Event General Journal Debit Credit Fair value adjustment 11.0 3 Reversal of other-than-temporary impairment loss-NI 110 2 116.0 Cash investment in Jackson Industry shares Reversal of other-than-temporary impairment loss-NI 930 0 230 Required 1 Required 2