Please don't give image format and solve all required Complete this question by entering your answers in the tabs below.Req A to C2a. What balance does Haynes's Investment in Turner account show on December 31, 2021, when the equity method isapplied?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?Req Da.Investment in Turner accountb.Consolidated net incomec-1. Consolidated equipmentc-2.Would this answer be affected by the investment method applied by theparent?Show Transcribed Text< Req A to C2Req Dviow transaction listComplete this question by entering your answers in the tabs below.31 Prepare entry "C if the parent used the initial valuemethod.Reg D >Req A to C2Prepare entry *C for the beginning of the Retained Earnings account on a December 31, 2021 by using initial value, partial equity andequity method. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)2 Prepare entry "C if the parent used the partial equitymethod.3 Prepare entry "C if the parent used the equity method.CShow less A Haynes, Inc., obtained 100 percent of Turner Company's common stock on January 1, 2020, by issuing 9,800 shares of $10 par valuecommon stock. Haynes's shares had a $15 per share fair value. On that date, Turner reported a net book value of $106,600. However,its equipment (with a five-year remaining life) was undervalued by $9,200 in the company's accounting records. Also, Turner haddeveloped a customer list with an assessed value of $31,200, although no value had been recorded on Turner's books. The customerlist had an estimated remaining useful life of 10 years.The following balances come from the individual accounting records of these two companies as of December 31, 2020:RevenuesExpensesInvestment incomeDividends declaredHaynesTurner$ (625,000) $ (270,000)446,000141,000060,000RevenuesExpensesInvestment incomeDividends declaredEquipmentNot given90,000The following balances come from the individual accounting records of these two companies as of December 31, 2021:HaynesTurner$ (736,000) $ (322,000)470, 800177,500040,000398,000Not given100,000524,000a. 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, 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 equityand equity method.

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Req A to C2 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, 2021? c-2. Would this answer be affected by the Investment method applied by the parent? Req D a. b. Investment in Turner account Consolidated net income c-1. Consolidated equipment c-2. Would this answer be affected by the investment method applied by the parent? Show less A

Req A to C2 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, 2021? c-2. Would this answer be affected by the Investment method applied by the parent? Req D a. b. Investment in Turner account Consolidated net income c-1. Consolidated equipment c-2. Would this answer be affected by the investment method applied by the parent? Show less A

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter8: Consolidated Tax Returns

Section: Chapter Questions

Problem 36P

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Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2020, by issuing 11,700 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 $134,050. However, its equipment (with a five-year remaining life) was undervalued by $7,550 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $33,900, 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: Haynes Turner Revenues $ (730,000 ) $ (240,000 ) Expenses 493,000 125,000 Investment income Not given 0 Dividends declared 120,000 50,000 The following balances come from the individual accounting records of these two companies as of December 31, 2021:…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2020, by issuing 10,200 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 $106,150. However, its equipment (with a five-year remaining life) was undervalued by $9,050 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $37,800, although no value had been recorded on Turner’s books. The customer list had an estimated remaining useful life of 10 years. The following balances come from the individual accounting records of these two companies as of December 31, 2020: Haynes Turner Revenues $ (718,000 ) $ (332,000 ) Expenses 461,000 142,000 Investment income Not given 0 Dividends declared 130,000 90,000 The following balances come from the individual accounting records of these two companies as of December 31, 2021:…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 9,000 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 $100,000. However, its equipment (with a five-year remaining life) was undervalued by $5,000 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, 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, 2017:The following balances come from the individual accounting records of these two companies as of December 31, 2018: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.…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 10,000 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 $100,000. However, its equipment (with a five-year remaining life) was undervalued by $5,000 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, 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, 2017: Haynes Turner Revenues $(600,000) $(230,000) Expenses 440,000   120,000   Investment income Not given   –0–   Dividends declared 80,000   50,000   The following balances come from the individual accounting records of these two companies as of December…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 10,000 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 $100,000. However, its equipment (with a five-year remaining life) was undervalued by $5,000 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, 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, 2017: Haynes Turner Revenues $(600,000) $(230,000) Expenses 440,000   120,000   Investment income Not given   –0–   Dividends declared 80,000   50,000   The following balances come from the individual accounting records of these two companies as of December…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 10,000 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 $100,000. However, its equipment (with a five-year remaining life) was undervalued by $5,000 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, 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, 2017: Haynes Turner Revenues $(600,000) $(230,000) Expenses 440,000   120,000   Investment income Not given   –0–   Dividends declared 80,000   50,000   The following balances come from the individual accounting records of these two companies as of December…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 9,000 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 $100,000. However, its equipment (with a fiveyear remaining life) was undervalued by $5,000 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, 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, 2017: Haynes Turner Revenue $(600000) $(230000) Expenses 440000 120000 Investment income not given -0- Dividends declared 80000 50000 The following balances come from the individual accounting records of these two companies as of December 31, 2018: Haynes Turner Revenue $(700000) $(280000)…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 9,800 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 $106,600. However, its equipment (with a five-year remaining life) was undervalued by $9,200 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $31,200, 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 $ (625,000 ) $ (270,000 ) Expenses 446,000 141,000 Investment income Not given 0 Dividends declared 90,000 60,000 The following balances come from the individual accounting records of these two companies as of December 31, 2018:…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 11,200 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 $120,200. However, its equipment (with a five-year remaining life) was undervalued by $8,700 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $39,100, 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 $ (638,000 ) $ (351,000 ) Expenses 465,000 191,000 Investment income Not given 0 Dividends declared 90,000 80,000 The following balances come from the individual accounting records of these two companies as of December 31, 2018: Haynes…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 11,600 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 $133,050. However, its equipment (with a five-year remaining life) was undervalued by $9,550 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $31,400, 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 $ (614,000 ) $ (298,000 ) Expenses 451,000 174,000 Investment income Not given 0 Dividends declared 80,000 60,000 The following balances come from the individual accounting records of these two companies as of December 31, 2018:…
Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 10,700 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 $114,800. However, its equipment (with a five-year remaining life) was undervalued by $8,800 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $36,900, 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 $ (660,000 ) $ (375,000 ) Expenses 450,000 207,000 Investment income Not given 0 Dividends declared 110,000 80,000 The following balances come from the individual accounting records of these two companies as of December 31, 2018:…
On January 1, 2024, Nana Company paid $100,000 for 8, 100 shares of Papa Company common stock. The ownership in Papa Company is 10%. Nana Company does not have significant influence over Papa Company. Papa reported net income of $55,000 for the year ended December 31, 2024. The fair value of the Papa stock on that date was $55 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2024? A: $400, 500B: $445, 500C: $385,500D: $ 370, 500