Foward Company had the following data available:

Net income for the year ending December 31, 2015 $50,000

Dividends declared during 2015 $47,000 Dividends paid during 2015 $32,000 Paid-in capital, January 1, 2015 $45,000

Retained earnings, January 1, 2015 $59,000

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