On July 1, 2018, Tremen Corporation acquired 35% of the shares of Delany Company. Tremen paid $3,160,000 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 $1,200,000 for 2018, and paid $140,000 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 $3,370,000 o $3,272,000. o $3,531,000 o o $3,713,000