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NEED RED SECTIONS OPTIONS INCLUDE: GAIN ON INVESTMENT (NI) GAIN ON INVESTMENT ( UNREALIZED, NI ) GAIN ON INVESTMENT ( UNREALIZED, OCI ) ALSO IF FAIR VALUE ADJUSTMENT IS NOT THE CREDIT WHAT IS? THE QUESTION IS TO RECORD THE ENTRY TO ADJUST FAIR VALUE ON THE DATE OF SALE. MANY THANKS

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 $90 million. Jackson Industry's net income for the year ended December 31, 2021, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2021. During 2021, Jackson declared a dividend of $60 million. 2. Assume that Sanborn sold the stock on January 2, 2022 for $110 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 (i.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. No Transactions Debit Credit 1 1 General Journal Gain on investment (unrealized, NI) Fair value adjustment 12 x 12 2 2 110 Cash Investment in equity securities Fair value adjustment 90 20

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