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On. January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $658,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $460,600. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $104,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its investment in Sedona. Each year since the acquisition, Sedona has declared a $26,500 dividend. Sedona recorded net income of $75,000 in 2019 and $94,300 in 2020. Selected account balances from the two companies' individual records were as follows: Problem 3-10 (Algo) (LO 3.3a) What is consolidated net income for Phoenix and Sedona for 2021? What is Phoenix's consolidated retained earnings balance at December 31,2021 ? On its December 31,2021 , consolidated balance sheet, what amount should Phoenix report for Sedona's customer iist? Multiple Choice $220,000 5291,250 \$326. $316.250 $220,000 $326,250 345,250 $316,250 $9,340$46,700$18,680$23,350