Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 9,300 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 $96,650. However, its equipment (with a five-year remaining life) was undervalued by $6,450 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $36,400, 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: Revenues Expenses Investment income Dividends declared Haynes Turner $ (690,000) $ (371,000) 479,000 197,000 Not given 110,000 80,000 The following balances come from the individual accounting records of these two companies as of December 31, 2021: Revenues Expenses Investment income Dividends declared Equipment Haynes Turner $ (851,000) $ (431,750) 504,200 235,200 Not given 0 130,000 70,000 535,000 339,000 Consolidation Worksheet Entries 1 2 3 Prepare entry *C if the parent used the initial value method. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2021 Consolidation Worksheet Entries