Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 9,800 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 $106,600. However, its equipment (with a five-year remaining life) was undervalued by $9,200 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $31,200, 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 $ (625,000) $(270,000) 446,000 141,000 Not given 90,000 0 60,000 The following balances come from the individual accounting records of these two companies as of December 31, 2021 Turner Revenues Expenses Investment income Dividends declared Equipment Haynes $ (736,000) $(322,000) 470,800 177,500 Not given 0 100,000 40,000 524,000 398,000