Draymond Inc. used the equity method of accounting for its investment in Ray Company. The January 1st balance in the investment account was $3,000. The current year activity is as follows: Draymond Inc. used the equity method of accounting for its investment in Ray Company. The January 1st balance in the investment account was $3,000. The current year activity is as follows: Draymond's share of Ray's current year net income = $2,300 Draymond's dividends received from Ray were $700 Draymond's share of current year depreciation = $100 What was the December 31st balance in the investment account? $3,500 $4,500 $5,200 $5,900