Required information Use the following information to answer questions 10-12 (LO 3-3a) On January 1, 2016. Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash At January 1, 2016. Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's 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 2016 and $80,000 in 2017. Selected account balances from the two companies' Individual records were as follows: 2018 Revenues 2018 Expenses 2013 Income from Sedona Retained earnings 12/31/18 Phoenix $ 498,000 350,000 55,000 250,000 Sedona $285,000 195,000 175.000 Problem 3-11 (LO 3-3a) What is Phoenix's consolidated retained earnings balance at December 31, 2018