On May 2 of the current year, Mystic Associates acquired an equity investment in a start-up company, Wember Enterprises, for $270,000. Mystic has significant influence over Wember Enterprises. Mystic elected to report its investment in Wember using the fair value option. Due to Wember Enterprises' tremendous growth opportunities and the efforts it put into development activities, the fair value of Mystic's investment at the end of the year increased to $520,000. Prepare the journal entry to record the investment using the fair value option. Begin by recording the journal entry for acquisition of the investment in Wember Enterprises as on May 2. Do not record the entry for fair value adjustment. We will do that in the next step. (Record debits first, then credits. Exclude explanations from any journal entries.)