On january 2, 2018, sanborn tobacco inc. bought 10% of jackson industry’s capital stock for $102 million. jackson industry’s net income for the year ended december 31, 2018, was $132 million. the fair value of the shares held by sanborn was $122 million at december 31, 2018. during 2018, jackson declared a dividend of $72 million.

required:
1. prepare all appropriate journal entries related to the investment during 2018.
record the purchase of jackson industry capital stock for $105.
record sanborn tobacco's portion of jackson industry's net income of $135 million.
record the dividend revenue
record the fair value adjustment.
2. assume that sanborn sold the stock on january 2, 2019 for $140 million. prepare the journal entries sanborn would use to record the sale.

The partnership of douglas, ryan, and ellen has dissolved and is in the process of liquidation. on july 1, 2016, just before the second cash distribution, the assets and equities of the partnership along with profit and loss sharing ratios were as follows: cash $30,000receivable - net $20,000inventories $25,000equipment - net $30,000total assets $80,000liabilities $12,000douglas, capital (20%) $28,000ryan, capital (50%) $24,000ellen, capital (30%) $16,000total liab./equity $80,000assume that the available cash is distributed immediately, except for a $2,000 contingency fund that is withheld pending complete liquidation of the partnership. how much cash should be paid to each of the partners? a. $3,200 douglas, $8,000 ryan, $4,800 ellenb. $5,600 douglas, $14,000 ryan, $8,400 ellenc. $16,000 douglas, $0 ryan, $0 ellend. $8,000 douglas, $0 ryan, $8,000 ellen