The summarized balance sheets of Thunder Bay Corp. and Fort William Corp. at December 31, 2020, are as follows:

THUNDER BAY CORP. Balance Sheet December 31, 2020
Assets		$400,000
Liabilities		$50,000
Common shares		200,000
Retained earnings		150,000
Total equities		$400,000

FORT WILLIAM CORP. Balance Sheet December 31, 2020
Assets		$300,000
Liabilities		$75,000
Common shares		185,000
Retained earnings		40,000
Total equities		$300,000

If Thunder Bay acquired a 20% interest in Fort William on December 31, 2020, for $65,000 and the equity method of accounting for the investment were used, the amount of the debit to Investment in Fort William Corp. would have been

$60,000.

$65,000.

$45,000.

$37,000.