Woodward Enterprises had the following events during 2013:

Woodward Enterprises had the following events during 2013:

The business issued $20.000 of common stock to its stockholders.

The business purchased land for $12,000 cash.

Services were provided to customers for $16,000 cash.

Services were provided to customers for $5,000 on account.

The company borrowed $16,000 from the bank.

Operating expenses of $12,000 were incurred and paid in cash.

Salary expense of $800 was accrued.

A dividend of $4,000 was paid to the owners of Woodward Enterprises.

Assuming the company began operations during 2013, the amount of retained earnings as of December 31, 2013 would be:

A. $4,200

B. $5,000

C. $8,200

D. $21,000