The Dayton Corporation began the current year with a retained earnings balance of $17,302. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $3,967 on equipment. Also, during the current year, the company earned net income of $13,499 and declared cash dividends of $6,622. Compute the year end retained earnings balance.

Select the correct answer.

$20,212

$17,302

$41,390

$24,179