BV, FV, & Carrying Value

I’m confused about the carrying value, book value and fair value… my understanding was that the carrying value is the lower of both but there is a question by the CFA institute that confused me, can someone explain the difference between the three based on the following example.

Book value of Great Lakes 3,256.00 Fair value of Suburban’s investment in Great Lakes 940 Carrying value of Suburban’s investment in Great Lakes 1,264.51

book value, or carrying value, is the accounting value on the balance sheet. fair value is what you can get in the market (and may differ from the book value depending on demand and supply). in this case book value is different from carrying value because 3,256 is the total book value, while 1,264.51 is the book value of Suburban’s share in Great Lakes.