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Required information Exercise 12-16 (Algo) Equity investments; fair value through net income [LO12-5] [The following...

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Required information Exercise 12-16 (Algo) Equity investments; fair value through net income [LO12-5] [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 $94 million. Jackson Industry's net income for the year ended December 31 , 2024, was $124 million. The fair value of the shares held by Sanborn was $106 million at December 31, 2024. During 2024, Jackson declared a dividend of $64 million. Exercise 1216 (Algo) Part 1 Required: 1. Prepare all appropriate journal entries related to the investment during 2024. Note: 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). Journal entry worksheet Record the purchase of Jackson Industry capital stock for $94 million. Note: Enter debits before credits

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