On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $94 million. Jackson Industry's net income or the year ended December 31,2018 , was $124 million. The fair value of the shares held by Sanborn was $106 million at December 31, 2018. During 2018 , Jackson declared a dividend of $64 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 $118 million. Prepare the journal entries Sanborn would use to record he sale. Complete this question by entering your answers in the tabs below. Prepare all appropriate journal entries related to the investment during 2018 . (If no entry is required for a transac journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5 , entered as 5.5).) Record the purchase of Jackson Industry capital stock for $94. 2 Record Sanborn Tobacco's portion of Jackson Industry's net income of $124 million. 3 Record the cash dividend of $3.2 million. 4 Record any necessary entry to adjust the fair value on Credit December 31,2018 Assume that Sanborn sold the stock on January 2, 2019 for $118 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).) 1 Record the entry to adjust to fair value on the date of sale 2 Record the sale of stock on January 2, 2019 for $118 million