Required information

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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.

Required:

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

$$94$ million.

$2$ Record Sanborn Tobacco's portion of Jackson Industry's

net income of $$124$ million.

$3$ Record the dividend revenue.

$4$ Record the fair value adjustment.

Note : $$ journal entry has been entered