Mike Inc. acquired 15% of Tom Corp. on January 2, 2024, for $105,000 when Tom's book value was $600,000. In 2024, Tom reported a net income of $150,000 and declared dividends of $50,000. By January 1, 2025, the fair value of Mike Inc.'s 15% investment in Tom Corp. had increased to $120,000. On January 1, 2025, Mike Inc. purchased an additional 25% of Tom Corp. for $200,000. Any excess cost over book value was attributable to goodwill with an indefinite life. The fair-value method was used during 2024 but Mike has deemed it necessary to change to the equity method after the second purchase. In 2025 Tom Corp. reported a net income of $180,000 and declared dividends of $55,000. How would Mike record its January 1, 2025 investment in Tom under the equity method?