Hope Company Has the Following Data Available What Is the Retained Earnings Balance on December 31,2011?
A)

Hope Company has the following data available:
$\begin{array} { l } \text {Retained Earnings, January 1, 2011 }&\$12,000 \\ \text {Net income for the year ending December 31,2011 }&\$3,000 \\ \text {Dividends declared in 2011 }&\$2,000 \\ \text {Paid-in Capital, January 1, 2011 }&\$ 50,000\\ \text { Total liabilities, January 1, 2011}&\$ 40,000\\\end{array}$

What is the retained earnings balance on December 31,2011?

A) $12,000
B) $13,000
C) $14,000
D) $63,000