Business, 04.12.2019 04:31 MOONCHILDSUGA

On january 2, 2018, 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, 2018, was $120 million. the fair value of the shares held by sanborn was $98 million at december 31, 2018. during 2018, jackson declared a dividend of $60 million. required: 1. prepare all appropriate journal entries related to the investment during 2018.2. assume that sanborn sold the stock on january 2, 2019 for $110 million. prepare the journal entries sanborn would use to record the sale.

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On january 2, 2018, sanborn tobacco inc. bought 5% of jackson industry’s capital stock for $90 milli...