Required information [The following information applies to the questions displayed below.) On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $102 million. Jackson Industry's net income for the year ended December 31, 2021, was $132 million. The fair value of the shares held by Sanborn was $122 million at December 31, 2021. During 2021, Jackson declared a dividend of $72 million 2. Assume that Sanborn sold the stock on January 2, 2022 for $134 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).) Answer is not complete. No Transaction Debit Credit 1 General Journal Investment in equity securities Fair value adjustment 12.0 12.0 2 2 Cash Investment in equity securities 134.0 o 134.0 9 Journal entry worksheet 1 2 Record the entry to adjust to fair value on the date of sale. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Investment in equity securities Fair value adjustment 12.0 12.0 Record entry Journal entry worksheet N Record the sale of stock on January 2, 2022 for $134 million. Note: Enter debits before credits. Transaction Debit Credit 2 General Journal Cash Investment in equity securities 134.0 134.0