On January 1, 2013, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2013, Sedonas net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedonas financial records by $80,000. 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 $20,000 dividend. Sedona recorded net income of $70,000 in 2013 and $80,000 in 2014.

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

	Phoenix	Sedona
2015 Revenues	$498,000	$285,000
2015 Expenses	350,000	195,000
2015 Income from Sedona	55,000
Retained earnings 12/31/15	250,000	175,000

On its December 31, 2015, consolidated balance sheet, what amount should Phoenix report for Sedonas customer list?