Haynes, Inc., obtained 100 percent of Turner Companys common stock on January 1, 2014, by issuing 9,000 shares of $10 par value common stock. Hayness shares had a $20 per share fair value. On that date, Turner reported a net book value of $100,000. However, its equipment (with a five-year remaining life) was overvalued by $5,000 in the companys accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, although no value had been recorded on Turners books. The customer list had an estimated remaining useful life of 10 years. Turners land was undervalued by 10,000. Turners patent, which has 10 years of useful life remaining, was undervalued by 15,000.

The following figures come from the individual accounting records of these two companies as of December 31, 2014

	Haynes					Turner
Revenues		$	(700,000	)			$	(28,000	)
Expenses			460,000					15,000
Investment income			Not given					0
Dividends declared			90,000					4,000

The pre-acquisition balance sheets of the two companies are presented below:

	Haynes					Turner
Current Assets		$	100,000				$	50,000
Land			$200,000					$50,000
Equipment			$300,000					$30,000
Patent			$150,000					$20,000
Total Assets			$750,000					$150,000
Liabilities			$350,000					$50,000
Common Stock			$50,000					$50,000
Additional Paind-in Capital			$150,000
Retained Earnings			$200,000					$50,000

A. What is the balance of the investment account of Hayes right after this acquistion? Write down the relevant journal entries and the affected accounts

B. What is the consolidated balance sheet numbers for Haynes and Turner on December 31, 2014? Please fill out the table below and write down the according journal entries

	Haynes					Turner					Consolidated Balance
Current Assets		$	100,000				$	50,000
Land			$200,000					$50,000
Equipment			$300,000					$30,000
Patent			$150,000					$20,000
Total Assets			$750,000					$150,000
Liabilities			$350,000					$50,000
Common Stock			$50,000					$50,000
Additional Paind-in Capital			150,000
Retained Earnings			$200,000					$50,000