During its first five years of operations, Red Raider 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 Dividends Retained Earnings 1 $ 590 2 590 3 1,650 $ 2,150 3,000 4,100 5,300 1.450 4 1.450 5 1.450