On January 2, 2018, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $110 million. Jackson Industry's net income for the year ended December 31, 2018, was $140 million. The fair value of the shares held by Sanborn was $138 million at December 31, 2018. During 2018, Jackson declared a dividend of $80 million. Required: 1. Prepare all appropriate journal entries related to the investment during 2018 2. Assume that Sanborn sold the stock on January 2, 2019 for $150 million. Prepare the journal entries Sanborn would use to record the sale. 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 (i.e., 5,500,000 should be entered as 5.5).) 1 Record the purchase of Jackson Industry capital stock for $110. Record Sanborn Tobacco's portion of Jackson Industry's net income of $140 million. 2 3 Record the dividend revenue. 4 Record the fair value adjustment. Notejournal entry has been entered Record entry Clear entry