On July 1, 2021, Tremen Corporation acquired 45% of the shares of Delany Company. Tremen paid...

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On July 1, 2021, Tremen Corporation acquired 45% of the shares of Delany Company. Tremen paid $3,020,000 for the investment, and that amount is exactly equal to 45% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,400,000 for 2021, and paid $200,000 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 $3,335,000. $3,155,000 $3,560,000 $3,699,500 On July 1, 2021, Tremen Corporation acquired 45% of the shares of Delany Company. Tremen paid $3,020,000 for the investment, and that amount is exactly equal to 45% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,400,000 for 2021, and paid $200,000 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 $3,335,000. $3,155,000 $3,560,000 $3,699,500