Required information [The following information applies to the questions displayed below.] On January 2, 2024,...
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Required information [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 $108 million. Jackson Industry's net income for the year ended December 31, 2024, was $138 million. The fair value of the shares held by Sanborn was $134 million at December 31, 2024. During 2024 , Jackson declared a dividend of $78 million. 2. Assume that Sanborn sold the stock on January 2, 2025 for $146 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). Record the entry to adjust to fair value on the date of sale. 2 Record the sale of stock on January 2, 2025 for $146 million
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