The Retained Earnings balance was $24,500 on January 1. Net income for the year was $20,500. If Retained Earnings had a credit balance of $27,000 after closing entries were made for the year, and if additional stock of $6,800 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice $18,000 $11,200 $29,800 $27,300