On January 1, 20X1, ABC Corp purchased 24.29% of the common shares of XYZ inc for $94,003. The investment is reported using the equity method, as ABC has significant influence over XYZ. XYZ reported net income and dividends of $47,002 and $18,799 respectively for the fiscal year 20X1. For the fiscal year 20X2, XYZ reported net income and dividends of $65,800 and $75,212 respectively. Calculate the balance of 'Investment in XYZ' account on ABC's balance sheet on December 31, 20X1. Assume both companies have a December 31 fiscal year end.

a.

$98,567

b.

$101,032

c.

$103,496

d.

$108,424

e.

$105,960