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Use the Following Information to Solve the Following Questions:
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question 126

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Use the following information to solve the following questions:
The summarized balance sheets of Thunder Bay Corp. and Fort William Corp. at December 31, 2020, are as follows:
\quad \quad \quad \quad THUNDER BAY CORP.
\quad \quad \quad \quad \quad \quad Balance Sheet
\quad \quad \quad \quad \quad December 31, 2020
Assets. $400,000Liabilities. $50,000 Common shares 200,000 Retained earnings 150,000 Total equities $400,000\begin{array}{llcc} \text {Assets. } &\underline{\$400,000} \\ \text {Liabilities. } &\$50,000\\ \text { Common shares } &200,000\\ \text { Retained earnings } &\underline{150,000}\\ \text { Total equities } &\underline{\$400,000}\\\end{array}


\quad \quad \quad \quad \quad \quad FORT WILLIAM CORP.
\quad \quad \quad \quad \quad \quad \quad \quad Balance Sheet
\quad \quad \quad \quad \quad \quad \quad December 31, 2020
 Assets $300,000\begin{array}{llcc} \text { Assets } & \underline{\$300,000} \\\end{array}

FORT WILLIAM CORP.Balance SheetDecember 31,2020 Assets. Liabilities Common shares. Retained earnings. Total equities.$300,000$75,000185,00040,000$300,000\begin{array}{c}\text {FORT WILLIAM CORP.}\\\text {Balance Sheet}\\\text {December 31,2020}\\\begin{array}{lll} \text { Assets.}\\ \text { Liabilities}\\ \text { Common shares.}\\ \text { Retained earnings.}\\ \text { Total equities.}\end{array}\begin{array}{l}\underline{\$ 300,000}\\\$ 75,000 \\185,000 \\\underline{40,000} \\\underline{\$ 300,000 }\\\end{array}\end{array}

-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


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Organizing

The process of arranging resources and tasks to achieve objectives efficiently and effectively.

Normal Curve

A theoretical distribution of scores where the mean, median, and mode all share the same value and an equal percentage of scores fall on either side of the distribution. Also called a bell-shaped curve based on the visual form this type of distribution takes when graphed.

Smooth Curve

A type of curve in graphical representations that is continuously differentiable and does not have any sharp angles or breaks.

Frequency Polygon

A graphical representation of the distribution of numerical data, where a continuous line connects points representing the frequency of scores within intervals.

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