During the year, PHL purchased 30% of the shares in Western Hotel Company, a company that owns a similar hotel property in a nearby city, for $5 million, a price corresponding to 30% of its book value.

Subsequently, Western Hotel Company paid a dividend totalling $115,000 and earned income of $287,500. The fair value of the common shares as at December 31 was $5,865,000.

NOTE: PLEASE Provide Details of the calculation of the wrong amount and explanation. Thanks!!!

Calculate the carrying amount as at December 31 and investment income for the year ended December 31 for each of the financial instruments listed below. (Round answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45). Use 365 days for calculation.)