On January Sanborn Tobacco Incorporated bought of Jackson Industry's capital stock for $ million. Jackson Industry's net income for the year ended December was $ million. The fair value of the shares held by Sanborn was $ million at December During Jackson declared a dividend of $ million.
Required:
Prepare all appropriate journal entries related to the investment during
Note: If no entry is required for a transactionevent select No journal entry required" in the first account fleid. Enter your answers in millions rounded to decimal place ie should be entered as
Record the purchase of Jackson Industry capital stock for $ million.
Record Sanborn Tobacco's portion of Jackson Industry's net income of $ million.
Record the purchwse of Jackson Industry capital stack for $ milisen
Recond Sanborn Tobaceo's partion of lacknon Industry's net income of $ milion.
fectord the dridend revenua.
A Hecerd the fair value adjuntrient.
