On January 1, 2022, Pronto Company acquired all of Speedy Inc.'s voting stock for $26,400,000. Speedy's net assets were reported at amounts approximating book value, but Pronto determined that Speedy had the following previously unreported intangible assets:

Developed technology, fair value $2,200,000, 5-year life Favorable leases, fair value $1,100,000, 4-year life

Speedy's shareholders' equity on January 1, 2022, was $11,000,000. It is now December 31, 2023 (two years later). Speedy reported net income of $880,000 in 2022. There are no impairments of identifiable intangibles or goodwill in 2022 or 2023. Pronto uses the complete equity method to report its investment in Speedy on its own books. Speedy's December 31, 2023, trial balance appears below.

	Dr (Cr)
Current assets	$22,000,000
Property and equipment, net	55,000,000
Liabilities	(63,800,000)
Capital stock	(2,200,000)
Retained earnings, January 1	(9,680,000)
Sales revenue	(77,000,000)
Cost of goods sold	66,000,000
Operating expenses	9,680,000
	$0

On the December 31, 2023, consolidation working paper, eliminating entry (R) reduces Investment in Speedy by

Select one:

a. $12,100,000

b. $3,300,000

c. $15,400,000

d. $14,685,000