Exercise 22-23 Teal Corp. was a 30% owner of Flint Company, holding 216,000 shares of Flint's common stock on December 31, 2016The investment account had the following entries. Investment in Flint 12/6/1S $3,050,000 Dividend 1/1/15 Cost S150,000 12/5/16 12/31/15 Share of income 400,000 240,000 12/31/16 Share of income 00,000 On January 2, 2017, Teal sold 108,000 shares of Flint for $3,360,000, thereby losing its signficant influcnce. During the year 2017, Flint experienced the following results of operations and paid the following dividends to Teal. Flint Income Dividends Paid Loss) to Teal 2017 $310,000 A December 31, 2017, the fair valuc of Flint shares held by Teis $1,820,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Flint as of December 31, 2017 (prior to any fair value adjustment) Carrying amount (c) Propare the adjusting entry on December 31, 2017, applying the fair value method to Teal's long-term investment in Flint Company securities. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry 47,000 is required, select "No Entry" for the account titlos and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017