On January 2, 2024, Sanborn Tobacco Incorporated bought 5% of Jackson Industrys capital stock for $109 million. Jackson Industrys net income for the year ended December 31, 2024, was $139 million. The fair value of the shares held by Sanborn was $136 million at December 31, 2024. During 2024, Jackson declared a dividend of $84 million.

2. Assume that Sanborn sold the stock on January 2, 2025 for $148 million. Prepare the journal entries Sanborn would use to record the sale.