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 10% of Jackson Industry's capital stock for $104 million. Jackson Industry's net income for the year ended December 31, 2024, was $134 million. The fair value of the shares held by Sanborn was $126 million at December 31, 2024. During 2024, Jackson declared a dividend of $74 million. Exercise 12-16 (Algo) Part 1 Required: 1. 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 account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)