On January 2, 2024, Sanborn Tobacco Incorporated bought 10% of Jackson Industry's capital stock for $104 million. Jackson Industry's net income for the year ended December 31, 2024, was $134 million. The fair value of the shares held by Sanborn was $126 million at December 31, 2024. During 2024, Jackson declared a dividend of $74 million. Exercise 12-16 (Algo) Part 2 2. Assume that Sanborn sold the stock on January 2, 2025 for $138 million. Prepare the journal entries Sanborn would use to record the sale. Note: 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 Journal entry worksheet < 1 2 Record the sale of stock on January 2, 2025 for $138 million. Note: Enter debits before credits. Transaction 2 Record entry General Journal Clear entry Debit Credit View general journal >

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading struc…