(Solved): Haynes, Inc, obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 8 ...

Haynes, Inc, obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 8,400 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 $$\$78,850$$. However, its equipment (with a five-year remaining life) was undervalued by $$\$9,450$$ in the company's accounting records. Also, Tumer had developed a customer list with an assessed value of $$\$37700$$, although no value had been recorded on Turner's books. The customer iist 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: The following balances come from the individual accounting records of these two companies as of December 31, 202t: 0. What balance does Haynes's investment in Turner account show on December 31, 202t, 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 bolance as of Deceraber 31,2021 ? c-2. Would this answer be affected by the investment method applied by the parent? d. Prepare entry $${}^{?}\mathrm{C}$$ for the beginning of the Retained Earnings account on a December 31,2021 by using initial value, partal equify and equity method: Complete this duunstion tyr entering your answers in the tabs below. What balance does Haynes's Investment in Tumer account show on December 31, 2021, when the equity method is applied? What is the consolidated net income for the year ending December 31, 2021? 1. What is the consolidated equipment balance as of December 31. 2021? 2. Would this answer be affected by the investment method applied by the parent? d. Prepare entry "C for the beginning of the Retained Ea:nings 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. 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, 20217 $$c?2$$. Would this answer be affected by the investment method applied by the parent? 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.) Consolidation Worksheet Entries Prepare entry $${}^{?}\mathrm{C}$$ if the parent used the initial value method. Notet Enter debits before credits.