On January 1, 2019, Trevor bought 6% of Joseph Company's common stock for $20,000. During 2019, Joseph earned $6,000 of net income and distributed $4,400 of dividends. On January 1, 2020, Trevor bought an additional 35% of Joseph Company's common stock. The fair value of the Joseph shares owned by Trevor was $21,000 on December 31, 2019. The acquisition of the additional 35% of Joseph at the beginning of 2020 gave Trevor significant influence. Required: Prepare the appropriate entry for Trevor on January 1, 2020, as a result of the additional acquisition and change in ownership classification