On July 1, 2018, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,170,000 for the investment, and that amount is exactly equal to 40% 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 $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