During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Trend Lines of Revenues, Expenses, and Dividends by Year Measure Names Dividends Expenses Revenue Expenses $48,300 $114,600 $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 Dividends $600 $1,500 Value $40,000 $30,000 $20,000 $10,000 0 1 2 3 4 5 6 Year Bar Graph of Revenues, Expenses, and Dividends by Year $100,000 Revenue $50,000 $0 $100,000 Expenses $50,000 $0 $10,000 Dividends $5,000 $0 0 1 2 3 4. 5 6 Year 0 C 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 Retained Earnings 1 2 3 4 5 During its first five years of operations, Red Raider Consulting reports net income and pays dividends as follows. Trend Lines of Revenues, Expenses, and Dividends by Year Measure Names Dividends Expenses Revenue Expenses $48,300 $114,600 $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 Dividends $600 $1,500 Value $40,000 $30,000 $20,000 $10,000 0 1 2 3 4 5 6 Year Bar Graph of Revenues, Expenses, and Dividends by Year $100,000 Revenue $50,000 $0 $100,000 Expenses $50,000 $0 $10,000 Dividends $5,000 $0 0 1 2 3 4. 5 6 Year 0 C 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 Retained Earnings 1 2 3 4 5