2 / 3 100% + WYD The summarized balance sheets of Thunder Bay Corp. and Fort William Corp. at December 31, 2020, are as follows: THUNDER BAY CORP. Balance Sheet December 31, 2020 Assets $ 400,000 Liabilities Common shares Retained earnings Total equities $ 50,000 200,000 150.000 $ 400,000 FORT WILLIAM CORP. Balance Sheet December 31, 2020 Assets $ 300.000 Liabilities Common shares Retained earnings Total equities $ 75,000 185,000 40,000 $ 300,000 7) If Thunder Bay acquired a 30% interest in Fort William on December 31, 2020, for S 67,500 and during 2021 Fort William reported net income of $ 25,000 and paid a total cash dividend of $ 30,000, applying the equity method would give a debit balance in the Investment in Fort William Corp. account at the end of 2021 of A) $ 66,000 B) $ 67,500 C) $ 58,500 D) $ 62,500