Reference no: EM132486176
Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 11,300 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 $126,000. However, its equipment (with a five-year remaining life) was undervalued by $8,200 in the company's accounting records. Also, Turner had developed a customer list with an assessed value of $35,300, 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 Turner
Revenues $ (648,000) $(360,000)
Expenses 486,000 173,000
Investment income Not given 0
Dividends declared 80,000 90,000
The following balances come from the individual accounting records of these two companies as of December 31, 2018:
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Revenues Expenses
Investment income Dividends declared Equipment
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$ (845,000)
515,800
Not given
90,000
512,000
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$(412,750)
207,200
0
80,000
367,000
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Question 1. What balance does Haynes's Investment in Turner account show on December 31, 2018, when the equity method is applied?
Question 2. What is the consolidated net income for the year ending December 31, 2018?
Question 3. What is the consolidated equipment balance as of December 31, 2018?
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