On July 1, 2021, Tremen Corporation acquired 45% of the shares of Delany Company. Tremen paid $3,120,000 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 $1,000,000 for 2021, and paid $190,000 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 $3,345,000 $3,484,500 $3,822,000. $3,174,000