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On July 1, 2021, Tremen Corporation acquired 35% of the shares of Delany Company. Tremen...

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Accounting

On July 1, 2021, Tremen Corporation acquired 35% of the shares of Delany Company. Tremen paid $3,140,000 for the investment, and that amount is
exactly equal to 35% of the book value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,200,000 for 2021, and
paid $170,000 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
$3,500,500.
$3,231,000.
$3,689,500.
$3,350,000.

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