Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020. by issuing 10.500 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 $110,750. However, its equipment (with a five-year remaining life) was undervalued by $8,850 in the company's accounting records. Also. Tumer had developed a customer list with an assessed value of $37.900, 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 (686,288) $ (318, 898) 490,000 149, eee Not given 100,000 8e, eee The following balances come from the individual accounting records of these two companies as of December 31, 2021 Haynes Turner Revenues $ (799,820) $ (390,000) Expenses 516,000 180, See Investment income Not given Dividends declared 119,08 68,888 Equipment 571,898 359, ea 8 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? -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 for the beginning of the Retained Earnings account on a December 31, 2021 by using initial value, partial equity and equity method. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Reg A to C2 Reg 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? Show less a. Investment in Turner account b. Consolidated net income C-1. Consolidated equipment c-2. Would this answer be affected by the investment method applied by the parent? Reg A to Z ReqD> Complete this question by entering your answers in the tabs below. Reg A to C2 Reg 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.) view transaction list Consolidation Worksheet Entries Prepare entry *C if the parent used the equity method. Note: Enter debits before credits. Accounts Debit Credit Date December 31, 2021 Record entry Clear entry view consolidation entries