Haynes, Inc. obtained 100% of Turner Company's common stock on January 1, 2018, by issuing 50,000 shares of common stock that was trading at $35 per share. The acquisition agreement also contained a contingent consideration clause to which Haynes assigned a fair value of $100,000. On January 1, 2018, Turner reported a net book value of $1,500,000. However, Equipment (5-year life) was undervalued by $150,000. Also, Turner had research and development in process with an assessed value of $100,000, although no value had been recorded on Turner's books. Any remaining excess of fair value over book value was attributed to Goodwill. During 2018, Turner reported Net Income of $360,000 and paid Dividends of $120,000. The following figures come from the individual accounting records of the two companies as of December 31, 2019. Net Income of Haynes is from its own operations and excludes any income from Turner: Haynes Turner Net Income $825,000 $380,000 Investment Income not given Dividends Paid $300,000 $145,000 Equipment $600,000 $275,000 Fair Value Analysis: a) What is consolidated Net Income for the year ended December 31, 2019 b) What is the consolidated Equipment balance at December 31, 2019: c) What balance does Hayne's Investment in Turner account show on December 31, 2019 when the equity method is applied? d) If Haynes has applied the initial value method, what adjustment is needed to the beginning balance of Retained Earnings on a December 31, 2019 consolidation worksheet? e) If Haynes has applied the partial value method, what adjustment is needed to the beginning balance of Retained Earnings on a December 31, 2019 consolidation worksheet