Shown below are accounts and their balances in alphabetical order (after adjusting entries have been posted) for Kline Inc. on December 31, 2015.

Account Title	Amount ($)
Accounts Payable	4,200
Accounts Receivable	2,200
Cash	1,200
Contributed Capital	2,700
Depreciation Expense	500
Interest Expense	2,300
Equipment (net of accumulated depreciation = $500)	24,500
Office Supplies	1,750
Office Supply Expense	600
Rent Expense	2,400
Retained Earnings (as of 1/1/2015)	?
Revenue	18,000
Salary Expense	6,900
Telephone Expense	250
Unearned Revenue	400

Assume Kline Inc. declared and paid dividends of $750 during 2015 and that the retained earnings on December 31, 2015 were $22,350. What was the retained earnings balance on January 1, 2015?

$18,050

19,050

$18,450

$18,850