! Required information [The following information applies to the questions displayed below.] On January 2, 2024, Sanborn Tobacco Incorporated bought 5% of Jackson Industry's capital stock for $92 million. Jackson Industry's net income for the year ended December 31, 2024, was $122 million. The fair value of the shares held by Sanborn was $102 million at December 31, 2024. During 2024, Jackson declared a dividend of $62 million. 2. Assume that Sanborn sold the stock on January 2, 2025 for $114 million. Prepare the journal entries Sanborn would use to record che sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers n millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). View transaction list Journal entry worksheet < 1 Record the entry to adjust to fair value on the date of sale. 2 Note: Enter debits before credits. Transaction 1 Reser General Journal Clear Debit Credit View general journal >

Hyde Corporations capital structure at December 31, 2018, was as follows: On July 2, 2019, Hyde issued a 10% stock dividend on its common stock and paid a cash dividend of 2.00 per share on its preferred stock. Net income for the year ended December 31, 2019, was 780,000. What should be Hydes 2019 basic earnings per share? a. 7.80 b. 7.09 c. 7.68 d. 6.73

On January 1, 2019, Kittson Company had a retained earnings balance of 218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of 67,000, and the following events occurred: 1. Cash dividends of 3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of 10 par common stock. On the date of declaration, the market price of the companys common stock was 36 per share. 3. The company recalled and retired 500 shares of 100 par preferred stock. The call price was 125 per share; the stock had originally been issued for 110 per share. 4. The company discovered that it had erroneously recorded depreciation expense of 45,000 in 2018 for both financial reporting and income tax reporting. The correct depreciation for 2018 should have been 20,000. This is considered a material error. Required: 1. Prepare journal entries to record Items 1 through 4. 2. Prepare Kittsons statement of retained earnings for the year ended December 31, 2019.

The following information applies to the questions displayed below.] On January 2, 2024, Sanborn Tobacco Incorporated bought 5% of Jackson Industry's capital stock for $96 million. Jackson Industry's net income for the year ended December 31, 2024, was $ 126 million. The fair value of the shares held by Sanborn was $110 million at December 31, 2024. During 2024, Jackson declared a dividend of $66 million. 1. Prepare all appropriate journal entries related to the investment during 2024. Journal entry worksheet a- Record the purchase of Jackson Industry capital stock for $96 million. b Record Sanborn Tobacco's portion of Jackson Industry's net income of $126 million. c- Record the dividend revenue. d - Record the fair value adjustment. 2. Assume that Sanborn sold the stock on January 2, 2025 for $122 million. Prepare the journal entries Sanborn would use to record the sale. a - Record the entry to adjust to fair value on the date of sale. b Record the sale of stock on January 2, 2025 for…