On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $694,000 cash. At January 1, 2019, Sedonas net assets had a total carrying amount of $485,800. Equipment (eight-year remaining life) was undervalued on Sedonas financial records by $102,000. 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 $25,000 dividend. Sedona recorded net income of $84,500 in 2019 and $99,100 in 2020. Selected account balances from the two companies individual records were as follows: Phoenix Sedona 2021 Revenues $ 636,000 $ 372,200 2021 Expenses 405,000 277,000 2021 Income from Sedona 55,900 Retained earnings 12/31/21 337,700 208,100 What is consolidated net income for Phoenix and Sedona for 2021?