Assume that, on January 1, 2021, Carnival Corporation paid $2,320,000 for its investment in 33,000 shares of Sphinx Inc. Further, assume that Sphinx has 110,000 total shares of stock issued and...

Assume that, on January 1, 2021, Carnival Corporation paid $2,320,000 for its investment in 33,000 shares of Sphinx Inc. Further, assume that Sphinx has 110,000 total shares of stock issued and estimates an eight-year remaining useful life and straight-line depreciation with no residual value for its depreciable assets.

At January 1, 2021, the book value of Sphinx's identifiable net assets was $7,340,000, and the fair value of Sphinx was $10,000,000. The difference between Sphinx's fair value and the book value of its identifiable net assets is attributable to $1,850,000 of land and the remainder to depreciable assets. Goodwill was not part of this transaction.

The following information pertains to Sphinx during 2021:

What amount would Carnival Corporation report in its year-end 2021 balance sheet for its investment in Sphinx Inc.?