Aykroyd Corp. was a 30% owner of Martin Company, holding 210,000 shares of Martin's common stock on December 31, 2019. The investment account had the following entries. Investment in Martin 1/1/18 Cost $3,180,000 12/6/18 Dividend received $150.000 12/31/18 Share of income 390,000 12/5/19 Dividend received 240,000 12/31/19 Share of income 510,000 On January 2, 2020, Aykroyd sold 126,000 shares of Martin for $3,440,000, thereby losing its significant influence. During the year 2020, Martin experienced the following results of operations and paid the following dividends to Aykroyd. Martin Income (Loss) Dividends Paid to Ay 2020 $300.000 $50,400 At December 31, 2020, the fair value of Martin shares held by Aykroyd is $1,570,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Martin as of December 31, 2020 (prior to any fair value adjustment). Carrying amount $ (c) Prepare the adjusting entry on December 31, 2020, applying the fair value method to Aykroyd's long-term investment in Martin Company securities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Unrealized Holding Gain or Loss-Income