Traynor Corporation reports its 40 percent investment in Victor Company on its December 31, 2020 balance sheet at $14,608,000. Traynor acquired its interest in Victor on January 2, 2018 and uses the equity method to account for the investment. Victor’s assets and liabilities were fairly stated on January 2, 2018 except for unreported technology (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 2018, 2019, and 2020, respectively. There was no impairment of Traynor’s investment. Required:
How much did Traynor Corporation pay for its investment in Victor Company on January 2, 2018?