Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 9,600 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 $97,500. However, its equipment (with a five-year remaining life) was undervalued by $6,700 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $39,800, 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 $ (721,000) $(392,000) 481,000 185,000 Not given 120,000 100,000 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 $ (862,000) $(446,750) 508,700 216,300 Not given 130,000 90,000 504,000 341,000 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. Req 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? Consolidation Worksheet Entries 1 2 2 3 > Prepare entry *C if the parent used the initial value method. Note: Enter debits before credits. Accounts Debit Credit Date December 31, 2021 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Prepare entry *C if the parent used the initial value method. Note: Enter debits before credits. Accounts Debit Credit Date December 31, 2021 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries