please correct red boxes and show work

Larkspur Corp.was a 30% owner of Cullumber Company, holding 210,000 shares of Cullumber's common stock on December 31, 2019. The investment account had the following entries. Investment in Cullumber 1/1/18 Cost $3,060,000 12/6/18 Dividend received $150,000 12/31/18 Share of income 400,000 12/5/19 Dividend received 260,000 12/31/19 Share of income 490,000 On January 2, 2020, Larkspur sold 126,000 shares of Cullumber for $3,330,000, thereby losing its significant influence. During the year 2020, Cullumber experienced the following results of operations and paid the following dividends to Larkspur. Cullumber Income (Loss) Dividends Paid to Larkspur 2020 $280,000 $50,000 At December 31, 2020, the fair value of Cullumber shares held by Larkspur is $1,500,000. This is the first reporting date since the January 2 sale. (b) Compute the carrying amount of the investment in Cullumber as of December 31, 2020 (prior to any fair value adjustment). Carrying amount $ 2116000 (c) Prepare the adjusting entry on December 31, 2020, applying the fair value method to Larkspur's long-term investment in Cullumber 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Fair Value Adjustment -616000 Unrealized Holding Gain or Loss-Income -616000