On July 1, 2021, Tremen Corporation acquired 35% of the shares of Delany Company. Tremen paid $3,140,000 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 2021, and

paid $170,000 of dividends each quarter to its shareholders. After all closing entries are made for the year ended December 31, 2021, Tremen's

"Investment in Delany Company" account would have a balance of.

Multiple Choice

$3,500,500.

$3,231,000.

$3,689,500.

$3,350,000.