The Retained Earnings balance was $24,200 on January 1. Net income for the year was $20,050. If Retained Earnings had a credit balance of $26,400 after closing entries were made for the year, and if additional stock of $6,500 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice $17,850 $28,750 $26,550 $11,350