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 \begin{tabular}{lr} Assets & $400,000 \\ Liabilities & $50,000 \\ Common shares & 200,000 \\ Retained earnings & 150,000 \\ \hline Total equities & $400,000 \\ \hline \hline \end{tabular} If Thunder Bay acquired a 30\% interest in Fort William on December 31, 2020, for $67,500 and during 2021 Fort William reported net income of $25,000 and paid a total cash dividend of $30,000, applying the equity method would give a debit balance in the Investment in Fort William Corp. account at the end of 2021 of $58,500. $66,000. $67,500. $62,500