Hope Company has the following data available: Retained Earnings, January 1, 2011 $12,000 Net income for the year ending December 31, 2011 $3,000 Dividends declared m 2011 $2,000 Paid-in Capital, January 1, 2011 $50,000 Total liabilities, January 1, 2011 $40,000 What is the retained earnings balance on December 31.2011? $12,000 $13,000 $14,000 $63 000