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Required Information [The following information applies to the questions displayed below.) On January 2, 2021,...

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Accounting

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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 Required: 1. Prepare all appropriate journal entries related to the investment during 2021. (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).) Required information 1 of 2 Journal entry worksheet 02 @ Record Sanborn Tobacco's portion of Jackson Industry's net income of $120 million. Book Hint Note: Enter debits before credits. Print Transactions General Journal Credit Debit 120 erences Investment in equity securities Record entry Clear entry View general journal

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