Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020. by issuing 10.500 shores of $10 per 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, Turner 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 balonces come from the individual accounting records of these two companies as of December 31, 2020: $ Revenues Expenses Investment income Dividends declared Haynes Turner (686,200) $ (318,000) 499,00 149,000 Not given a 182.ee 82.ee The following balonces come from the individual accounting records of these two companies as of December 31, 2021: $ Revenues Expenses Investment income Dividends declared Equipment Haynes Turner (799,202) $ (390,000) 516,202 188,500 Not given 110.Bee 68, 571,000 359,000 a. Whet 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 for the beginning of the Retained Earnings account on a December 31, 2021 by using initial value, portial equity . and equity method. Complete this question by entering your answers in the tabs below. Req Atoc 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 ist transaction et No Accounta Debit Credit Date December 31, 2021 1 Investment in Turner Retained earnings 2 December 31 2021 Retained earings 5,560 Investment in Tumer 5,560 December 31 2021 No journal entry required