Dayton Corporation began the current year with a retained earnings balance of $18,346. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $2,054 on equipment. Also, during the current year, the company earned net income of $13,268 and declared cash dividends of $4,446. Compute the year-end retained earnings balance. a. $25,114 Ob. $38,114 c. $18,346 Od. $27,168

Dayton Corpocation began the current year with a retained earnings balance of $18,346. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $2,054 on equipment. Also, during the curcent year, the company eamed net income of $13,265 and declared cash dividends of $4,446. Compute the vear-end retained earnings balance. . $25,114 b. 538,114 c. $13,345 d. 527,165