Sarasota Corp. was a 30% owner of Ivanhoe Company, holding 210,000 shares of Ivanhoe's common stock on December 31, 2016. The i vestment account had the following entries Investment in Ivanhoe 1/1/15 Cost 12/31/15 Share of income 12/31/16 Share of income $3,130,000 12/6/15 Dividend received$160,000 240,000 390,000 12/5/16 Dividend received 520,000 On January 2, 2017, Sarasota sold 147,000 shares of Ivanhoe for $3,510,000, thereby losing its significant influence. During the year 2017, Ivanhoe experienced the following results of operations and paid the following dividends to Sarasota. Ivanhoe Income(Loss) Dividends Paid to Sarasota 49,000 2017 At December 31, 2017, the fair value of Ivanhoe shares held by Sarasota is $1,640,000. This is the first reporting date since the Jenuary 2 sale. (b) Compute the carrying amount of the investment in Ivanhoe as of December 31, 2017 (prior to any fair value adjustment). 300,000 amount 1092000 (e) Prepare the adjusting entry on December 31, 2017, applying the fair value method to Sarasota's long-term investment in Ivanhoe 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 ttles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit , Dec. 31, 2017Fair Value Adjustment 548000 Unrealized Holding Gair 548000