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[The following information applies to the questions displayed below.] On January 2,2024, Sanborn...

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Accounting

[The following information applies to the questions displayed below.]
On January 2,2024, Sanborn Tobacco Incorporated bought 10% of Jackson Industry's capital stock for $91 million.
Jackson Industry's net income for the year ended December 31,2024, was $121 million. The fair value of the shares held
by Sanborn was $100 million at December 31,2024. During 2024, Jackson declared a dividend of $61 million.
Exercise 12-16(Algo) Part 2
Assume that Sanborn sold the stock on January 2,2025 for $112 million. Prepare the journal entries Sanborn would use to record
the sale.
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).
Note: Enter debits before credits.
1
2
Record the sale of stock on January 2,2025 for $112 million.
Note: Enter debits before credits.
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