On January 1, 2017, Iris, Inc. purchased 35% of Crayola Co.s outstanding voting stock for $70,000. During 2017, Crayola earned net income of $40,000, and paid Iris a cash dividend of $2,500. On December 31, 2017, Iris investment in Crayola had a fair market value of $65,000. If Iris accounts for this investment using the equity method, what will the balance in its Investment in Crayola account be?