On January 1, 2013, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $681,500 cash. At January 1, 2013, Sedonas net assets had a total carrying amount of $447,500. Equipment (eight-year remaining life) was undervalued on Sedonas financial records by $120,000. 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 $30,000 dividend. Sedona recorded net income of $112,000 in 2013 and $129,500 in 2014.

Selected account balances from the two companies individual records were as follows:

	Phoenix	Sedona
2015 Revenues	$507,000	$338,000
2015 Expenses	352,000	208,000
2015 Income from Sedona	86,500
Retained earnings 12/31/15	335,000	276,500

What is consolidated net income for Phoenix and Sedona for 2015?