Traynor Corporation reports its 40 percent investment in Victor Company on its December 31, 2017 balance sheet at \($14,608,000\). Traynor acquired its interest in Victor on January 2, 2015 and uses the equity method to account for the investment. Victor's assets and liabilities were fairly stated on January 2, 2015 except for unreported technology (5-year life) of \($4\) million. Victor reported net income of \($1.2\) million, \($1.5\) million, and \($1.4\) million, and paid dividends of \($200,000\), \($250,000\), and \($230,000\) in 2015, 2016, and 2017, respectively.

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How much did Traynor Corporation pay for its investment in Victor Company on January 2, 2015?