Indica Industries purchased 1,250 of Learner Manufacturings 5,000 shares of common stock for $50,000 on January 1, 2020. Learners balance sheet at date of purchase:

Learner's Condensed Balance Sheet, January 1, 2020

Assets $1,500,000

Liabilities $1,250,000

Common stock ($1 par value, 5,000 shares outstanding) 140,000

Retained Earnings 110,000 Total Assets $1,500,000

Total Liabilities & Equity $1,500,000

Fair values were the same as book values on January 1, 2020.

In 2020, Learner reported net income of $71,000. No dividends were declared or paid that year.

In 2021, Learner reported net income of $91,000. Common stock dividends of $10,000 were declared.

In 2022, a Learner competitor released a cheaper, more advanced product. Learners sales decreased dramatically, and the company reported a loss ($200,000). No dividends were declared in 2022. Indica accounts for the investment in Learner under the equity method. What was the balance in the investment account at the end of 2020, 2021, and 2022, respectively?

Select one: a. $68,750; $90,000; $40,000

b. $69,750; $97,000; $47,000

c. $67,750: $88,000; $38,000

d. $68,750; $90,000; $90,000

e. $67,750; $88,000; $88,000