On January 2, 2021, Matador Corporation acquired 40% of the shares of Delany Company: Matador paid $3,000,000 for the investment, and that amount is exactly equal to 40% of the book value of identifable net assets on Delany's balance sheet. Delany recognized net income of $1,000.000 for 2021, and paid $150,000 of dividends each quarter to its shareholders.

Matador's fiscal period ends at December 31. After all closing entries are made, Matador's Investment in Delary Company account at December 31, 2021 would have a balance of: