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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.

$2.$ Assume that Sanborn sold the stock on January $2,2025$ for $$120$ 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 $5\mathrm{.}5).$Required information

the following information applies to the questions afspiaved below?

On January $2.2024,$ Sanborn Tobacco Incomprateg bought $5\%$ of Jackoshnfogustry s eapital stock for $$95$ million

Jackson Industiy's net income for the year ended December $31\mathrm{.}2024$ was $8\mathrm{.}35$ mimon The fairwalue of the shares held

by Sanborn was $$108$ million at December $31\mathrm{.}2024$ Duing $2024.$ dacksondedaed a dividendor $554$ millon.

$2$ Assume that Santom sold the stock on uanuary $22025$ for $$120$milhon prepare the joamancmies sanhom would use to record

the sale.

Note: If no entry is required for o uansaction event select No joumal entry requirfol in the firstacoum field. Enser your answers

in millions rounded to $1$ decimal ploce should be entered as $5,5)$

Journal entry worksheet

Record the entry to adjust to fair value on the date nf sale.

Note: Enter debits bcfore credits: