PHL purchased common shares of Dufort Corp. on December 1 as a temporary investment for $48,000. At the end of the year, these shares had a fair value of $47,000, according to the December 31 closing price on the Toronto Stock Exchange. A dividend of $500 was received during the year.

Calculate the carrying value and investment income as at December 31(one month) using FV-NI method. Please provide explanation. Thanks.