During its first five years of operations, Pinkman Consulting 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. Year Net Income Retained Dividends Earnings 1 $ 1,300 $ 520 2 1,800 520 3 2,300 1,100 4 3,400 1,100 5 4,600 1,100