Your answer is partially correct. Wildhorse Corp. 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. Investment in Sheffield 1/1/18 Cost $3,230,000 12/6/18 Dividend received $160,000 12/31/18 Share of income 380,000 12/5/19 Dividend received 250,000 12/31/19 Share of income 500,000 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. Dividends Paid 2020 Sheffield Income (Loss) $310,000 to Wildhorse $53,000 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 $ 1625000