Prepare all journal entries related to investment

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Question - On January 2, 2021, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $103 million. Jackson Industry's net income for the year ended December 31, 2021, was $133 million. The fair value of the shares held by Sanborn was $124 million at December 31, 2021. During 2021, Jackson declared a dividend of $66 million.

Required - Prepare all appropriate journal entries related to the investment during 2021.

Reference no: EM132572524

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