Exercise 7-5 (Part level Submission) Pennington Company has a balance in its Accounts Payable control account of $8,404on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $2,802; Janish Company, balance $1,851; and Valdez Company. During January, the following payable-related transactions occurred.

Purchases	Payments	Returns
Hale Company	$6,276	$5,674	$ -0-
Janish Company	5,577	1,851	2,575
Valdez Company	6,651	6,974	-0-

(a) What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $