Assume that the fair values of the investees net assets approximated the recorded book values of the investees net assets, except the fair value of receivables and inventories is $12,500 higher than book value, the fair value of land is $6,250 lower than book value, the fair value of property and equipment is $25,000 higher than book value and the fair value of liabilities is $8,750 lower than book value. In addition, the transaction resulted in goodwill in the amount of $31,250. What is the balance in the pre-consolidation investment in investee account on the investor companys books on January 1, 2016, immediately after the acquisition of the investee company voting common stock?