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. 2. Assume that Sanborn sold the stock on January 2, 2019 for $116 million. Prepare the journal entries Sanborn would use to record the sale Book Hint Print eferences 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 transact 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).) decimal place (Le View transaction list Journal entry worksheet Record the purchase of Jackson Industry capital stock for $93 Prev 1of lli Scoe answer 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).) 10 points View transaction list eBook Hins Journal entry worksheet Record Sanborn Tobacco's portion of Jackson Industry's net income of $123 million. Note: Enter debits before credits. Debit Record entry cear entry iew general journal 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).) View transaction list Journal entry worksheet Record the dividend revenue. Note: Enter debits before credits Record entry Clear entry View general journal Required 1 Required 2 Prepare all appropriate journal entries related to the investment during 2018. (If no entry is required for a transaction/event, Sso s fist accunt field. Enter your answers in mlions rounded to i decimal place (ie l entry 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet inn vint Record the fair value adjustment Note: Enter debits before credits. Record entry clear entry Required 1 Required 2 Assume that Sanborn sold the stock on January 2, 2019 for $116 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 rounded to 1 decimal place (he, 5,500,000 should be entered as s.5)) 10 poirts Journal entry worksheet References Record the entry to adjust to fair value on the date of sale Note: Enter debits before o Required 1 Required 2 Assume that Sanborn sold the stock on January 2, 2019 for $116 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 rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) oints View transaction list eBook Journal entry worksheet Hint Print References Record the sale of stock on January 2, 2019 for $116 million. Note: Entee debits before credits Record entry Clear entry View general journal Prev 1 of lll Score answer>
