Traynor Corporation reports its 40 percent investment in Victor Company on its December 31, 2014, balance sheet

Question:

Traynor reports its 40 percent investment in Victor Company on its December 31, 2014, at $14,608,000. Traynor acquired its interest in Victor on January 2, 2012, and uses the equity method to account for the investment. Victors assets and liabilities were fairly stated on January 2,2012, except for unreported intangibles (5-year life) of $4 million. Victor reported net income of $1.2 million, $1.5 million, and $1.4 million, and paid dividends of $200,000, $250,000, and $230,000 in 2012, 2013, and 2014, respectively.
Required
How much did Traynor pay for its investment in Victor Company on January 2,2012? Balance Sheet
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