Required information Skip to question [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 $624,000 cash. At January 1, 2019, Sedona’s net assets had a total carrying amount of $436,800. Equipment (eight-year remaining life) was undervalued on Sedona’s financial records by $116,000. 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 $13,000 dividend. Sedona recorded net income of $102,000 in 2019 and $118,200 in 2020. Selected account balances from the two companies’ individual records were as follows: Phoenix Sedona 2021 Revenues $ 639,000 $ 341,200 2021 Expenses 439,000 241,000 2021 Income from Sedona 67,900 Retained earnings 12/31/21 333,900 229,700 On its December 31, 2021, consolidated balance sheet, what amount should Phoenix report for Sedona’s customer list?