Current Attempt in Progress 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 12/31/19 Share of income 380,000 12/5/19 Dividend received 500,000 250,000 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. 2020 Sheffield Dividends Paid Income (Loss) to Wildhorse $310,000 $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 $ 1850000