On July 1, 2016, Tremen Corporation acquired 30% of the shares of Delany Company. Tremen paid $3,010,000 for the investment, and that amount is exactly equal to 30% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,300,000 for 2016, and paid $170,000 of dividends each quarter to its shareholders. After all closing entries are made, Tremen's "Investment in Delany Company" account would have a balance of:

$3,205,000.

$3,461,500.

$3,103,000.

$3,349,000.