On January 2, 2024, Sanborn Tobacco Incorporated bought 10% of Jackson Industry's capital stock for $107 million. Jackson Industry's net income for the year ended December 31, 2024, was $137 million. The fair value of the shares held by Sanborn was $132 million at December 31,2024 . During 2024 , Jackson declared a dividend of $77 million. Required: Prepare all appropriate journal entries related to the investment during 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first ccount 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 $107 million. 2. Record Sanborn Tobacco's portion of Jackson Industry's net income of $137 million. 2. Assume that Sanborn sold the stock on January 2,2025 for $144 million. Prepare the journal entries Sanborn would use to record the sale. Note: 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 kecord the entry to adjust to fair value on the date of sale. 2 Record the sale of stock on January 2,2025 for $144 million