Required information

$[$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 $$91$ million.

Jackson Industry's net income for the year ended December $31,2024,$ was $$121$ million. The fair value of the shares held

by Sanborn was $$100$ million at December $31,2024.$ During $2024,$ Jackson declared a dividend of $$61$ million.

Assume that Sanborn sold the stock on January $2,2025$ for $$112$ 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 $$112$

million.

Note : $0$ journal entry has been entered