Foward Company Had the Following Data Available Required:
Prepare a Statement of Retained Earnings for Forward Company

Foward Company had the following data available:
$\begin{array} { l } \text {Net income for the year ending December } 31,2015&\$ 50,000\\ \text {Dividends declared during 2015 }&\$47,000 \\ \text {Dividends paid during 2015 }&\$32,000 \\ \text {Paid-in capital, January 1, 2015 }&\$45,000 \\ \text { Retained earnings, January 1, 2015}&\$ 59,000\\\end{array}$

Required:
Prepare a statement of retained earnings for Forward Company for the year ended December 31,2015.