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On January $2,2024,$ Sanborn Tobacco Incorporated bought $5\%$ of Jackson Industry$$s capital stock for $$101$ million. Jackson Industry$$s net income for the year ended December $31,2024,$ was $$131$ million. The fair value of the shares held by Sanborn was $$120$ million at December $31,2024.$ During $2024,$ Jackson declared a dividend of $$74$ million.

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 $5\mathrm{.}5).$

$1.$ Record the purchase of Jackson Industry capital stock for $$101$ million.

$2.$ Record Sanborn Tobacco's portion of Jackson Industry's net income of $$131$ million.

$3.$ Record the dividend revenue.

$4.$ Record the fair value adjustment.

$2.$ Assume that Sanborn sold the stock on January $2,2025$ for $$132$ 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 $5\mathrm{.}5).$

$1.$ Record the entry to adjust to fair value on the date of sale.

$2.$ Record the sale of stock on January $2,2025$ for $$132$ million.