The drexel company began operations on january 1, year one. in year one, the company reported net income of $23,000 and, in year two, reported net income of another $31,000. in the current year of year three, the company reported net income of $37,000. drexel paid no dividends in year one but paid $10,000 in year two and $12,000 in year three. on the december 31, year three, balance sheet, what is reported as retained earnings?