On January $1,2019,$ Phoenix Co$.$ acquired $100$ percent of the outstanding voting shares of Sedona Inc. for $$646,000$ cash. At January $1,2019,$ Sedona$$s net assets had a total carrying amount of $$452,200.$ Equipment $($eight$-$year remaining life$)$ was undervalued on Sedona$$s financial records by $$92,000.$ Any remaining excess fair over book value was attributed to a customer list developed by Sedona $($four$-$year remaining life$),$ but not recorded on its books. Phoenix applies the equity method to account for its investment in Sedona. Each year since the acquisition, Sedona has declared a $$28,000$ dividend. Sedona recorded net income of $$87,000$ in $2019$ and $$106,200$ in $2020.$

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

Phoenix Sedona

$2021$ Revenues $ $591,000$ $ $324,400$

$2021$ Expenses $371,000220,000$

$2021$ Income from Sedona $67,450$

Retained earnings $12/31/21337,450218,600$

What is consolidated net income for Phoenix and Sedona for $2021?$

Multiple Choice

$$287,450$

$$322,450$

$$220,000$

$$312,450$