B Exercise 10-10 (Algo) Calculate retained earnings each year (LO10-5) 01:31:44 In its first five years of operations, Monster Hats reports the following net income and dividends (the first year is a net loss). Required: Calculate the balance of Retained Earnings at the end of each year. (Negative amounts should be indicated with a minus sign.) Net Income Year (Loss) for the Ending Book Dividends for the Year Retained Year Earnings Print 1 $ (48,000) $ 0 2 58,000 0 ferences 3 82,000 33,000 4 121,000 33,000 5 180,000 47,000