During its first five years of operations, a company reports net income and pays dividends as follows. Required: Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1 Retained Earnings Year Net Income Dividends 1 $ 1400 S 540 2 1.900 540 3 2,500 1 200 3.600 1.200 5 4.800 1 200