The Dayton Corporation began the current year with a retained earnings balance of $11,190. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $2,943 on equipment. Also, during the current year, the company earned net income of $13,325 and declared cash dividends of $5,327. Compute the year-end retained earnings balance.

a.$32,785

b.$16,245

c.$19,188

d.$11,190