shares of Sedona Inc., for $$600,000$ cash. At January $1,2021,$ Sedona's net assets had a total carrying amount of $$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 $$70,000$ in $2021$ and $$80,000$ in $2022.$

Selected account balances$]$ from the two companies' individual records were as follows:

$\backslash$table$[[,$Phoenix,Sedona$],[2023$ Revenues,$498,000,$$$285,000$