Use the Following Information for Questions

question 48

Multiple Choice

Use the following information for questions.
The summarized balance sheets of Thunder Bay Corp.and Fort William Corp.at December 31, 2017 are as follows:
-If Thunder Bay acquired a 20% interest in Fort William on December 31, 2017 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

• A)$65,000.
• B)$60,000.
• C)$45,000.
• D)$37,000.

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Definitions:

Specified Area

A designated or defined geographic or operational space allocated for a particular purpose or activity.

Intangible Asset

An asset that lacks physical substance, such as intellectual property, goodwill, or brand recognition.

Patent Right

A legal entitlement granted to an inventor or assignee to exclusively exploit an invention for a certain period, preventing others from selling, making, or using the invention without permission.

Trademark

A symbol, word, or words legally registered or established by use as representing a company or product.