Lee Company owns 30% of the outstanding voting common stock of Navarro Corp. and has the ability to significantly influence the investees operations. In 2020, Navarro had sold inventory costing $37,000 to Lee for $49,000. All but 20% of that inventory had been sold to outsiders by Lee during 2020; the remainder was sold in 2021. On January 5, 2021, the balance in the Investment in Navarro account was $510,000. Amortization associated with this acquisition is $15,000 per year. During 2021, Navarro earned net income of $130,000 and paid cash dividends of $19,000. Additional sales were made to Lee in 2021 at an intra-entity selling price of $83,000. The goods in the intra-entity sales cost Navarro $58,000. Only 15% of the 2021 intra-entity purchases from Navarro had not been sold to outsiders by the end of 2021. a) What amount of gross profit on 2020 intra-entity sales should Lee defer at December 31, 2020? b) What amount of gross profit on 2021 intra-entity sales should Lee defer at December 31, 2021? c) What amount of equity income would Lee have recognized in 2021 from its ownership interest in Navarro? d) What was the balance in the Investment in Navarro Corp. account at December 31, 2021?