During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows. Year Net Income Dividends 1 $2,300 $1,400 2 2,500 1,500 3 2,600 2,000 4 5,100 2,800 5 6,800 2,200 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 Year Earnings 1 2 3 45