please complete part 1 and 2

Required information Exercise 12-16 (Algo) Equity investments; fair value through net income (LO12-5) The following information applies to the questions displayed below) On January 2, 2021, Sanborn Tobacco Inc, bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn was $100 million at December 31, 2021. During 2021, Jackson declared a dividend of $61 million. Exercise 12-16 (Algo) Part 1 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 rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list 1 Record the purchase of Jackson Industry capital stock for $91 million 2 Record Sanborn Tobacco's portion of Jackson Industry's net income of $121 million. Required information Exercise 12-16 (Algo) Equity investments; fair value through net income (LO12-5) [The following information applies to the questions displayed below. On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn was $100 million at December 31, 2021. During 2021, Jackson declared a dividend of $61 million. Exercise 12-16 (Algo) Part 2 2. Assume that Sanborn sold the stock on January 2, 2022 for $112 million. Prepare the journal entries Sanborn would use to record the sale. (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).) View transaction list 1 Record the entry to adjust to fair value on the date of sale. 2 Record the sale of stock on January 2, 2022 for $112 million. Required information Exercise 12-16 (Algo) Equity investments; fair value through net income (LO12-5) The following information applies to the questions displayed below) On January 2, 2021, Sanborn Tobacco Inc, bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn was $100 million at December 31, 2021. During 2021, Jackson declared a dividend of $61 million. Exercise 12-16 (Algo) Part 1 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 rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list 1 Record the purchase of Jackson Industry capital stock for $91 million 2 Record Sanborn Tobacco's portion of Jackson Industry's net income of $121 million. Required information Exercise 12-16 (Algo) Equity investments; fair value through net income (LO12-5) [The following information applies to the questions displayed below. On January 2, 2021, Sanborn Tobacco Inc. bought 10% of Jackson Industry's capital stock for $91 million. Jackson Industry's net income for the year ended December 31, 2021, was $121 million. The fair value of the shares held by Sanborn was $100 million at December 31, 2021. During 2021, Jackson declared a dividend of $61 million. Exercise 12-16 (Algo) Part 2 2. Assume that Sanborn sold the stock on January 2, 2022 for $112 million. Prepare the journal entries Sanborn would use to record the sale. (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).) View transaction list 1 Record the entry to adjust to fair value on the date of sale. 2 Record the sale of stock on January 2, 2022 for $112 million