On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2018, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31 2018. During 2018, Jackson declared a dividend of $60 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 $110 million. Prepare the journal entries Sanborn would use to record the sale. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1Required 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 (i.e., 10,000,000 should be entered as 10).) Event General Journal Debit Credit Investment in Jackson Industry shares 90 Cash 90 No journal entry required Cash Dividend revenue 4 4 Fair value adjustment Unrealized holding gain-NI Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Required 1Required 2 Assume that Sanborn sold the stock on January 2, 2019 for $110 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 (i.e., 10,000,000 should be entered as 10).) Event General Journal Debit Credit Fair value adjustment Unrealized holding gain-NI Cash 110 C Investment in Jackson Industry shares Fair value adjustment 90 20