Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 10,700 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 $114,800. However, its equipment (with a five-year remaining life) was undervalued by $8,800 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $36,900, 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 $ (660,000) $ (375,000) 450,000 207,000 Not given 110,000 0 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 $ (831,000) $ (440,000) 477,600 Not given 120,000 546,000 242,500 0 60,000 360,000 a. What balance does Haynes's Investment in Turner account show on December 31, 2021, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2021? c-1. What is the consolidated equipment balance as of December 31, 2021? 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, 2021 by using initial value, partial equity and equity method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A to C2 Req D a. What balance does Haynes's Investment in Turner account show on December 31, 2021, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2021? c-1. What is the consolidated equipment balance as of December 31, 2021? c-2. Would this answer be affected by the investment method applied by the parent? a. Investment in Turner account $ 152,840 b. Consolidated net income $ 489,620 x C- Consolidated equipment $ 489,620 x 1. Would this answer be affected by the investment method applied by the No 2. parent? Show less Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 1 Date December 31, 202 Investment in Turner Retained earnings 2 December 31, 202 Retained earnings Investment in Turner Accounts 3 December 31, 202 No journal entry required Debit Credit 86,920 X 86,920 5,080 x 5,080 X