Required information Exercise 12-16 (Algo) Equity investments; fair value through net income [LO12-5] [The following information applies to the questions displayed below.] On January 2, 2024, Sanborn Tobacco Incorporated bought 5% of Jackson Industry's capital stock for $94 million. Jackson Industry's net income for the year ended December 31,2024 , was $124 million. The fair value of the shares held by Sanborn was $106 million at December 31, 2024. During 2024, Jackson declared a dividend of $64 million. Exercise 1216 (Algo) Part 2 2. Assume that Sanborn sold the stock on January 2, 2025 for $118 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 answer! in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record the entry to adjust to fair value on the date of sale. Note: Enter debits before credits