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On January 8, 20X8, Figetakis Inc., a large IT consulting firm,

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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’s 20X8 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.

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