On January 1, 2016, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $784,000 cash. At January 1, 2016, Sedona’s net assets had a total carrying amount of $548,800. Equipment (eight-year remaining life) was undervalued on Sedona’s financial records by $95,000. 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 $34,000 dividend. Sedona recorded net income of $113,000 in 2016 and $124,100 in 2017.

Selected account balances from the two companies’ individual records were as follows:

Phoenix Sedona
2018 Revenues $ 648,000 $ 335,000
2018 Expenses 412,000 234,000
2018 Income from Sedona 54,075
Retained earnings 12/31/18 347,075 236,500
What is consolidated net income for Phoenix and Sedona for 2018?

What is Phoenix’s consolidated retained earnings balance at December 31, 2018?

On its December 31, 2018, consolidated balance sheet, what amount should Phoenix report for Sedona’s customer list?