Problem 3-15 (LO 3-3, 3-4) Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 9,400 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 $96,250. However, its equipment (with a five-year remaining life) was undervalued by $6,050 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $38,700, 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, 2017: $ Haynes (650,000) 462,000 Not given 90,000 Turner $ (305,000) 123,000 Revenues Expenses Investment income Dividends declared 90,000 The following balances come from the individual accounting records of these two companies as of December 31, 2018: $ Turner $ (376,000) 153,500 Revenues Expenses Investment income Dividends declared Equipment Haynes (752,000) 482,800 Not given 110,000 590,000 70,000 382,000 Reg A to C2 ReqD a. What balance does Haynes's Investment in Turner account show on December 31, 2018, when the equity method is applied? b. What is the consolidated net income for the year ending December 31, 2018? C-1. What is the consolidated equipment balance as of December 31, 2018? 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? NO I Req A to C2 Reg D > Consolidation Worksheet Entries