The Retained Earnings balance was $23,300 on January 1. Net income for the year was $18,700. If Retained Earnings had a credit balance of $24,600 after closing entries were made for the year, and if additional stock of $5,600 was issued during the year, what was the amount of dividends declared during the year?

Multiple Choice

$25,600

$11,800

$24,300

$17,400