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Question
On January 2, 2018, Sanborn Tobacco Inc. bought 5% of Jackson Industry's capital stock for $95 million. Jackson Industry's net income for the year ended December 31, 2018, was $125 million. The fair value of the shares held by Sanborn was $108 million at December 31, 2018. During 2018, Jackson declared a dividend of $54 million.
Required:
1. What are all appropriate journal entries related to the investment during 2018.
2. Assume that Sanborn sold the stock on January 2, 2019 for $120 million. Prepare the journal entries Sanborn would use to record the sale.
What should company report as its deferred income tax liability as of the end of its first year of operations.
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