Perfect Corporation acquired 70 percent of Storm Company's shares on December 31, 20X8, for $140,000. At that date, the fair value of the noncontrolling interest was $60,000. On January 1, 20X0, Perfect acquired an additional 10 percent of Storm's common stock for $32,500. Summarized balance sheets for Storm on the dates indicated are as follows: Dec 31 20X8 20X9 20X0
Cash $25,000 35,000 50,000
Accounts Receivable 30,000 45,000 80,000
Inventory 45,000 60,000 70,000
Buildings and Equipment 200,000 180,000 160,000
Total Assets $300,000 $320,000 $360,000
Accounts Payable $40,000 35,000 40,000
Notes Payable 60,000 60,000 60,000
Common Stock 100,000 100,000 100,000
Retained Earnings 100,000 125,000 160,000
Total Liabilities
and Equities $300,000 $320,000 $360,000
Storm paid dividends of $10,000 in each of the three years.
Perfect uses the fully adjusted equity method in accounting for its investment in Storm and amortizes all differentials over 5 years against the related investment income. All differentials are assigned to patents in the consolidated financial statements. Based on the preceding information, what was the balance in Perfect's Investment in Storm Company Stock account on December 31, 20X0?
A. $211,500
B. $218,000
C. $216,000
D. $173,000