Wildhorse Coro was a 30% owner of Sheffield Company, holding 222.000 shares of Sheffield's common stock on December 31, 2019 The investment account had the following entries. 1/1/18 Cost $160.000 Investment in Sheffield $3,230,000 12/6/18 Dividend received 380,000 12/5/19 Dividend received 500,000 12/31/18 Share of income 250,000 12/31/19 Share of income On January 2 2020, Wildhorse sold 111,000 shares of Sheffield for $3,520,000, thereby losing its significant influence. During the year 2020, Sheffield experienced the following results of operations and paid the following dividends to Wildhorse. Sheffield Income (Loss) $310,000 Dividends Paid to Wildhorse $53,000 2020 At December 31, 2020, the fair value of Sheffield shares held by Wildhorse is $1.920,000. This is the first reporting date since the January 2 sale (b) Compute the carrying amount of the investment in Sheffield as of December 31, 2020 (prior to any fair value adjustment). Carrying amount $ lo Prepare the adjusting entry on December 31, 2020, polving the fair value method to Wildhorse's long term investment in Shetheld Company securities Credit accountitles are automatically indented when amount is entered. Do not indent manually. Ir 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