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 stockholders' 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 instead that Penguin sold the additional 3,000 shares to outside interests for $150,000 on January 2, 2007. Giant-Petrel's percentage ownership immediately after the sale of stock would be:

a. 66-2/3% b. 75% c. 80% d. 83-1/3%