5. On January 1, 2016, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,000,000 for the investment, and that amount is exactly equal to 40% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,000,000 for 2016, and paid $150,000 of dividends. Delany Companys market capitalization increased from $7,500,000 in January 1, 2016 to $8,000,000 in December 31, 2016. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of: A. $3,340,000. B. $3,200,000. C. $3,160,000. D. $3,000,000. E. $3,080,000.

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