Required information [The following information applies to the questions displayed below.] On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $782,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $547,400. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $98,000. 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 $19,000 dividend. Sedona recorded net income of $105,000 in 2019 and $117,800 in 2020. Selected account balances from the two companies' individual records were as follows: What is consolidated net income for Phoenix and Sedona for 2021? Multiple Choice $267,200 $257,200