On December 31, 2006, Giant-Petrel Corporation's Investment in Penguin Corporation account had a balance of $525,000. The balance consisted of 80% of Penguin's $600,000 stockholder's equity on that date and $45,000 of goodwill. On January 2, 2007, Penguin increased its outstanding common stock from 15,000 to 18,000 shares.

Question: Assume that Penguin sold the additional 3,000 shares directly to Giant-Petrel for $150,000 on January 2, 2007. Giant-Petrel's percentage ownership in Penguin immediately after the purchase of the additional stock is: a. 66-2/3% b. 80% c. 83-2/3% d. 86-2/3%