Exercise 7-5 (Part Level Submission) Pennington Company has a balance in its Accounts Payable control account of $8,000 on January 1, 2017. The subsidiary ledger contains three accounts: Hale Company, balance $2,500; Janish Company, balance $1,500; and Valdez Company. During January, the following payable-related transactions occurred. Hale Company Janish Company Valdez Company Purchases Payments Returns $6,250 $5,500 $ 0 4,750 1,500 2,500 5,875 6,000 0 (a) What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $