On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684,000 cash. At January 1, 2019, Sedonas net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. 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 $14,500 dividend. Sedona recorded net income of $98,000 in 2019 and $114,400 in 2020. Selected account balances from the two companies' individual records were as follows: Phoenix $ 580,000 372,000 51,250 323,650 Sedona $ 338,800 247,000 2021 Revenues 2021 Expenses 2021 Income from Sedona Retained earnings 12/31/21 219,400 On its December 31, 2021, consolidated balance sheet, what amount should Phoenix report for Sedona's customer list