(4-year remaining life) 124,000 term investments 68,250 250,000 (5-year remaining life) 327,500 103,000 106,000 ities (mature 12/31/23) 183,500 , 1/1/20 252,350 19,800 $793,550 $ 793,550 ethy reported net income of $101,000 while declaring and paying dividend of $152,000 while declaring and paying dividends of $39,000. n Company acquired Abernethy's common stock for $696 GEO in elluck Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 8,200 shares of $10 par value common stock. Haynes's shares had a $15 per share fair value. On that date. Turner reported a net book value of $78,650, However, its equipment (with a five year remaining life) was undervalued by $8,050 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $36,300, although no value had been recorded on Turner's books. The customer st had an estimated remaining useful life of 10 years. The following balances come from the individual accounting records of these two companies as of December 31, 2020: Revenues Expenses Investment Income Dividends declared Turner Haynes (675,000) $ (269,000) 503,000 Not given 90,000 157,000 0 50,000 The following balances come from the individual accounting records of these two companies as of December 31, 2021: Revenues Haynes Turner (1122,000) $ (336,500) Expenses Investment income Dividends declared Equipment 526,300 Not given 110,000 192,200 0 30,000 517,000 310,000 a. What balance does Haynes's Investment in Turner account show on December 31, 2021, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2021? c-1. What is the consolidated equipment balance as of December 31, 2021? c-2. Would this answer be affected by the investment method applied by the parent? d. Prepare entry "C for the beginning of the Retained Earnings account on a December 31, 2021 by using initial value, partial equity and equity method. Start Prev 1 of 3 Next>