Martinez Corp. was a 30% owner of Sandhill Company, holding 198,000 shares of Sandhill'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 Sandhill $3,310,000 12/6/18 Dividend received 380,000 12/5/19 Dividend received 500,000 $140,000 230,000 Sandhill Income (Loss) $290,000 Dividends Paid to Martinez $51,000 2020 At December 31, 2020, the fair value of Sandhill shares held by Martinez is $1,980,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Sandhill 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 Martinez's long-term investment in Sandhill Company securities. (Credit account titles are automatically indented when amount is entered. Do not ind manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020