Bramble Corp. was a 30% owner of Sunland Company, holding 216,000 shares of Sunland's common stock on December 31, 2019. The investment account had the following entries. 1/1/18 Cost 12/31/18 Share of income 12/31/19 Share of income Investment in Sunland $3,140,000 12/6/18 Dividend received 390,000 12/5/19 Dividend received 530,000 $140,000 230,000 On January 2, 2020, Bramble sold 108,000 shares of Sunland for $3,320,000, thereby losing its significant influence. During the year 2020, Sunland experienced the following results of operations and paid the following dividends to Bramble. Sunland Dividends Paid Income (Loss) to Bramble 2020 $280,000 $48,000 At December 31, 2020, the fair value of Sunland shares held by Bramble is $1,910,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Sunland as of December 31, 2020 (prior to any fair value adjustment). Carrying amounts (c) Prepare the adjusting entry on December 31, 2020, applying the fair value method to Bramble's long-term investment in Sunland 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2020