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On January 1,2019, Phoenix Co. acquired 100 percent of the outstanding voting shares...

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Accounting

On January 1,2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $668,000 cash. At January 1,2019, Sedonas net assets had a total carrying amount of $467,600. Equipment (eight-year remaining life) was undervalued on Sedonas financial records by $90,400. 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 $17,500 dividend. Sedona recorded net income of $93,500 in 2019 and $110,600 in 2020.
Selected account balances from the two companies individual records were as follows:
Phoenix Sedona
2021 Revenues $ 578,000 $ 362,000
2021 Expenses 375,000270,000
2021 Income from Sedona 53,200
Retained earnings 12/31/21317,200215,600
On its December 31,2021, consolidated balance sheet, what amount should Phoenix report for Sedonas customer list?

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