On July 1, 2021, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,020,000 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 $1,300,000 for 2021, and paid $160,000 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

a) $3,280,000.

b) $3,476,000.

c) $3,152,000.

d) $3,624,000.