Required information [The following information applies to the questions displayed below.] On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $99 million. Jackson Industry's net income for the year ended December 31, 2021, was $129 million. The fair value of the shares held by Sanborn was $116 million at December 31, 2021. During 2021, Jackson declared a dividend of $50 million. 2. Assume that Sanborn sold the stock on January 2, 2022 for $128 million. Prepare the journal entries Sanborn would use to record the sale. (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 5.5).)No Transaction General Journal Debit Credit 1 Investment in equity securities 99.0 Cash V 99.0 2 2 No journal entry required V 3 3 Cash V 2.5 Dividend revenue 2.5 4 4 Fair value adjustment V 17.0 Gain on investment (unrealized, NI) 17.0Journal entry worksheet 2 Record the entry to adjust to fair value on the date of sale. Note: Enter debits before credits. Transaction General Journal Debit CreditJournal entry worksheet A 2 Record the sale of stock on January 2, 2022 for $128 million. Note: Enter debits before credits. Transaction General Journal Debit Credit 2