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Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 7,300 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 $66,600. However, its equipment (with a five-year remaining life) was undervalued by $8,500 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $34,400, although no value had been recorded on Turner's books. The customer list 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: Haynes Turner Revenues $ Expenses (727,000) $ (345,000) 513,000 172,000 Not given Investment income Dividends declared. 110,000 80,000 The following balances come from the individual accounting records of these two companies as of December 31, 2021: Haynes Turner Revenues $ Expenses (843,000) $ (419,500) 536,200 Not given 202,900 Investment income. Dividends declared 130,000 70,000 Equipment 525,000 302,000 Req A to C2 Req 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date Accounts Debit Credit 1 December 31, 202 Investment in Turner Retained earnings 52,720 2 December 31, 202 Retained earnings 5,140 3 Investment in Turner December 31, 202 No journal entry required