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

Multiple Choice

Mary Company had the following data available:
$\begin{array} { l } \text {Paid-in capital, December 31, 2014 }&\$43,000 \\ \text { Retained earnings, December 31,2014}&\$27,000 \\ \text { Net income for the year ended December 31,2015 }&\$ 35,400\\ \text { Dividends declared in 2015}&\$ 20,000\\\end{array}$

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

A) $23,400
B) $42,400
C) $52,400
D) $66,400