Michael Company Had the Following Data What Is the Balance in Retained Earnings on December 31,2015

Michael Company had the following data:
$\begin{array} { l } \text { Retained earnings, January 1, 2015}&\$45,000 \\ \text {Depreciation expense for 2015 }&\$ 7,000\\ \text {Cost of goods sold for 2015 }&\$102,000 \\ \text { Paid-in capital, January 1, 2015}&\$26,000 \\ \text {Rent expense for 2015 }&\$12,000 \\ \text {Sales for 2015 }&\$ 194,000\\ \text {Dividends declared in 2015 }&\$ 15,000\\ \text {Wage expense for 2015 }&\$40,000 \\ \text {Prepaid rent, January 1, 2015 }&\$ 2,000\\\end{array}$

What is the balance in Retained Earnings on December 31,2015?

A) $61,000
B) $63,000
C) $65,000
D) $74,000