The cash records and the bank statement of Frankel Company showed the following at the end of February: Outstanding checks as of the beginning of February, $16,000; checks written by Frankel Company according to its books during February, $61,200; and checks cleared by the bank during February, $62,000. What was the amount of the outstanding checks at the end of February?

$15,200

$7,600

$16,000

$8,400