On May 2 of the current year, Placebo Associates acquired an equity investment in a start-up company, Halpern Enterprises, for $220,000. Placebo has significant influence over Halpern Enterprises. Placebo elected to report its investment in Halpern using the fair value option. Due to Halpern Enterprises' tremendous growth opportunities and the efforts it put into development activities, the fair value of Placebo's investment at the end of the year increased to $465,000. Prepare the journal entry to record the investment using the fair value option.