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On January $2,2024,$ Sanborn Tobacco Incorporated bought $5\%$ of Jackson Industry$$s capital stock for $$95$ million. Jackson Industry$$s net income for the year ended December $31,2024,$ was $$125$ million. The fair value of the shares held by Sanborn was $$108$ million at December $31,2024.$ During $2024,$ Jackson declared a dividend of $$54$ million.

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$1.$ 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 $5\mathrm{.}5).!$

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Jackson Industry's net income for the year ended December $31\mathrm{.}2024$ was sh $5$ million. The fair value of the shares held

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Prepare all appropilate joumal ehties related to the muestrent during $2004$

Note: If no entry is requined for a transaction $($event$,$ select No journal ejtry requithod in the fingaccount field. Enter your answers

in millions rounded to $1$ decimal place $($ie$.5,500,000$ should be entered as $5.5).$

Dometion

Journal entry worksheet

$1,2,3=4$

Record the purchase of Jackson Industry capitalstock for $$85$ mimhon.

Note: Enter debits beffore credits.