Problem 3-15 (Algo) (LO 3-3, 3-4) Haynes, Inc. obtained 100 percent of Turner Company's common stock on January 1, 2020, by Issuing 10,100 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 $108,900. However, Its equipment (with a five-year remaining life) was undervalued by $5,600 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $37,000, 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: Turner Haynes (629,000) $ (338,000) Revenues Expenses Investment income Dividends declared 454,000 Not given 182,000 90,000 70,000 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 Turner (821,000) $ (407,000) Haynes $ 479,400 221,800 Not given 100,000 523,800 60,000 338,000 a. What balance does Haynes's Investment in Turner account show on December 31, 2021, when the equity method is apled? 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. Complete this question by entering your answers in the tabs below. Req A to C2 Req 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, 20217 c-1. What is the consolidated equipment balance as of December 31, 20217 2. Would this answer be affected by the investment method applied by the parent? ..... investment in Turner account Consolidated net income 0-5. Consolidated equipment 02 Wound this answer be affected by the investment method applied by the parent? Req D > Show less & Haynes, Inc. obtained 100 percent of Tumer Company's common stock on January 1, 2020, by issuing 10:00 shares of $10 par value common stock. Haynes's shares had a $15 per share fair value. On that date, Tumer reported a net book value of $108,900. However, Its equipment (with a five-year remaining life) was undervalued by $5,600 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $37,000, 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 $ (629,000) 5 (138,000) 454,000 Not given 90,000 182,000 70,000 The following balances come from the Individual accounting records of these two companies as of December 31, 2021: Revenues Expenses Investemt income Dividends declared Equipment Haynes (821,000) (487,000) 479,400 $ Not given 100,000 $23,000 338,000 a. What balance does Haynes's Investment in Tumer account show on December 31, 2021, when the equity method is appiled? 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. Complete this question by entering your answers in the tabs below. Reg A to C2 RD 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 transschon Consolidation Worksheet Entries < 1 2 3 Prepare entry "C if the parent used the initial value method Cate December 31, 2021 Accounts Crtart Caset fatted weby Clear only Reg A to C2