Required information On January 1, 2016, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $786,000 cash. At January 1, 2016, Sedona's net assets had a total carrying amount of $550,200. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $108,000. 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 $44,500 dividend. Sedona recorded net income of $73,500 in 2016 and $85,600 in 2017 Selected account balances from the two companies' individual records were as follows: Phoenix $ 629,000 391,000 84,900 385,700 Sedona $ 370,000 271,000 2018 Revenues 2018 Expenses 2018 Income from Sedona Retained earnings 12/31/18 195,600 On its December 31, 2018, consolidated balance sheet, what amount should Phoenix report for Sedona's customer list? Multiple Choice o $25,560 o $31,950 o $12,780 o $63,900