On January $2,2024,$ Sanborn Tobacco Incorporated bought $5\%$ of Jackson Industry's capital stock for $$106$ million. Jackson Industry's net income for the year ended December $31,2024,$ was $$136$ million. The fair value of the shares held by Sanborn was $$130$ million at December $31,2024.$ During $2024,$ Jackson declared a dividend of $$76$ million.

Required:

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 fleid. Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

$2.$ Record the purchase of Jackson Industry capital stock for $$106$ million.

$2$ Record Sanborn Tobacco's portion of Jackson Industry's net income of $$136$ million.

Record the purchwse of Jackson Industry capital stack for $$106$ milisen

$2$ Recond Sanborn Tobaceo's partion of lacknon Industry's net income of $$136$ milion.

$3$ fectord the dridend revenua.

A Hecerd the fair value adjuntrient.