The Dayton Corporation began the current year with a retained earnings balance of $19,365. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $3,053 on equipment. Also, during the current year, the company earned net income of $13,766 and declared cash dividends of $5,732. Compute the year-end retained earnings balance.

a. $19,365

b. $27,399

c. $24,346

d. $41,916