Inmidd Knowledge Check [due day 5] i Building Permits O... Access Building Per. Hillsborough Cour Saved Helf ! Required information Exercise 12-16 (Static) Equity investments; fair value through net income (L012-5) [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. Exercise 12-16 (Static) Part 1 Required: 1. Prepare all appropriate journal entries related to the investment during 2021. (If no entry is required for a transaction/event, se "No journal entry required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Required information Journal entry worksheet 2 3 Record Sanborn Tobacco's portion of Jackson Industry's net income of $120 million. Note: Enter debits before credits. Transactions General Journal Debit Credit 2 Local ocorant X TEM Required information Journal entry worksheet 1 2 3. Record the dividend revenue. Note: Enter debits before credits. Transactions General Journal Debit Credit 3 Docordant Woolumn T&M Journal entry worksheet 1 2 3 4 Record the fair value adjustment. Note: Enter debits before credits. Transactions General Journal Debit Credit 4 WONGADOralna Cinta Dacianto 6 Prey of 11 Score.answer > HI TEM