For questions 12,13 , and 14 , please use the information below. On January 1,2019, Phoenix Co, acquired 100 percent of the outstanding voting shares of Sedona Inc, for $600,000 cash. At January 1, 2019, Sedona's net asscts 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. liach year since the acquisition, Sedona has declared a $20,000 dividend. Sedona recorded nct income of $70,000 in 2019 and $80,000 in 2020. Selected account balances from the two companies' individual records were as follows: 12. What is consolidated net income for Phoenix and Sedona for 20215 A. $148,000 B. $203,000 C. $228,000 D. $238,000 13. What is Phoenix's consolidated retained earnings balanee at December 31,2021? 1. $250,000 13. $290,000 D. 4.360.000