(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 $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. 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 $40,000 dividend. Sedona recorded net income of $109,000 in 2019 and $125,100 in 2020. Selected account balances from the two companies' Individual records were as follows: Phoenix Sedona 2021 Revenues $ 593,000 $ 370,600 2021 Expenses 394,000 272,000 2021 Income from Sedona 55,475 Retained earnings 12/31/21 306,875 233,200 What is consolidated net income for Phoenix and Sedona for 2021