Woodward Enterprises Had the Following Events During 2013: the Business

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