On July 1, 2013, Tremen Corporation acquired 25% of the shares of Delany Company. Tremen paid $3,140,000 for the investment, and that amount is exactly equal to 25% of the fair value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,200,000 for 2013, and paid $400,000 dividends to its shareholders. Assume net income and dividends accrue evenly throughout the year. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of....

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