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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.
Assets$300,000
Liabilities$75,000
Common shares185,000
Retained earnings40,000
Total equities$300,000
Question 1: 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
Option 1: $60,000.
Option 2: $45,000.
Option 3: $37,000.
Option 4: $65,000.
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