On July 1, 2018, Tremen Corporation acquired 35% of the shares of Delany Company. Tremen paid $3,110,000 for the investment, and that amount is exactly equal to 35% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,000,000 for 2018, and paid $180,000 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: Multiple Choice $3,654,250. $3,159,000 $3,397,000. $3.285,000