On January 8, 20X8, Figetakis Inc., a large IT consulting firm, bought 35% of the shares of stock of IT-ology, Inc. for $620,000.Figetakis, Inc. has significant influence over IT-ology, Inc. decisions.On December 31 20X8, IT-ology, Inc's20X8 Income Statement reported a net income of $1,800,000.The fair value of Figetakis' investment on December 31st was $700,000.

What year-end journal entry would Figetakis record assuming it takes the fair value option for valuing investments.

Account Debit Credit