On July 1,2016,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 balance sheet.Delany recognized net income of $1,000,000 for 2016,and paid $150,000 of dividends each quarter to its shareholders.After all closing entries are made,Tremen's "Investment in Delany Company" account would have a balance of:

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The Answer of On July 1,2016,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 balance sheet.Delany recognized net income of $1,000,000 for 2016,and paid $150,000 of dividends each quarter to its shareholders.After all closing entries are made,Tremen's "Investment in Delany Company" account would have a balance of:

On July 1,2016,Tremen Corporation Acquired 40% of the Shares of Delany