Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1 2014, by issuing 9,600 shares of S10 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 figures come from the individual accounting records of these two companies as of December 31, 2014 Turner Haynes Revenues $(392,000) 185,000 Expenses 481,000 Not Investment income given Dividends declared 120,000 100,000 The following figures come from the individual accounting records of these two companies as of December 31, 2015 Haynes Turner Revenues $(862,000) $(446,750) 216,300 Expenses 508,700 Not Investment income given 90,000 Dividends declared 130,000 504,000 341,000 Equipment a. What balance does Haynes's Investment in Turner account show on December 31, 2015, when the equity method is applied? Investment in Turner account b. What is the consolidated net income for the year ending December 31, 2015? Consolidated net income