On July 1, 2023, Tremen Corporation acquired 40% of the shares of Delany Company. Tremen paid $3,000,000 for the investment, and that amount is exactly equal to 40% of the book value of identifiable net assets on Delany's statement of financial position. Delany recognized net income of $1,000,000 for 2023 and paid $150,000 of dividends each quarter to its shareholders.

After all closing entries are made, Tremen's "Investment in Associates" account would have a balance of _______.

Right answer is 3,080,000, but I need solutions.