Required information [The following information applies to the questions displayed below.] On January 2, 2024. Sanborn Tobacco Incorporated bought 5% of Jackson Industry's capital stock for $90 million. Jackson Industry's net income for the year ended December 31, 2024. was $120 million. The falr value of the shares held by Sanborn was $98 million at December 31,2024 . During 2024, Jackson declared a dividend of $60 million. 2. Assume that Sanborn sold the stock on January 2, 2025 for $110 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 answe in millions (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Record the entry to adjust to fair value on the date of sale. Journal entry worksheet Record the sale of stock on January 2,2025 for $110 million. Note: Enter debits before credits