The balanced equation for the reaction of iron with chlorine is:

2 Fe + 3 Cl₂ → 2 FeCl₃

Here's what's happening:

* Iron (Fe) reacts with chlorine gas (Cl₂) to form iron(III) chloride (FeCl₃).

* This is a synthesis reaction where two reactants combine to form a single product.

* The equation is balanced to ensure that the number of atoms of each element is the same on both sides of the equation.