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On july 1 2011 tremen corporation acquired 30 of the shares

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On July 1, 2011, Tremen Corporation acquired 30% of the shares of Delany Company. Tremen paid $3,060,000 for the investment, and that amount is exactly equal to 30% of the fair value of identifiable net assets on Delany's balance sheet. Delany recognized net income of $1,500,000 for 2011, and paid $310,000 quarterly dividends to its shareholders. After all closing entries are made, Tremen's "investment in Delany Company" account would have a balance?

Reference no: EM13602949

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