Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 10,100 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 $108,900. However its equipment (with a five-year remaining life) was undervalued by $5,600 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $37,000, 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, 2017 Haynes $ (629,000) (338,000) Turner Revenues Expenses Investment income Dividends declared 454,000 ot given 90,000 182,000 ot 0003 70,000 The following balances come from the individual accounting records of these two companies as of December 31, 2018 Haynes $ (821,000) (407,000) Turner Revenues Expenses Investment income Dividends declared Equipment 479,400 ot given 100,000 523,000 221,800 60,000 338,000 a. What balance does Haynes's Investment in Turner account show on December 31, 2018, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2018? c-1. What is the consolidated equipment balance as of December 31, 2018? 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, 2018 by using initial value, partial equity and equity method a. What balance does Haynes's Investment in Turner account show on December 31, 2018, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2018? c-1. What is the consolidated equipment balance as of December 31, 2018? C-2. Would this answer be affected by the investment method applied by the parent? Show lessA a Investment in Turner account b Consolidated net income G-1 Consolidated equipment c-2. Would this answer be affected by the investment method applied by the parent? Prepare entry *C for the beginning of the Retained Earnings account on a December 31, 2018 by using initial value, partial equ equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Prepare entry *C if the parent used the initial value method. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2018 Consolidation Worksheet Entries 2 Prepare entry *C if the parent used the partial equity method Note: Enter debits before credits. Date Accounts Debit Credit December 31,2018 Consolidation Worksheet Entries Prepare entry *C if the parent used the equity method Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2018