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 ost the beginning of year 1 Retained Earnings Year Net Income Dividends 1 $ 8005 420 2 1,300 420 3 1.300 500 4 2,400 600 5 3,600 600