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. Retained Earnings Year Net Income Dividends 1 $ 750 $ 410 2 1,250 410 3 1,200 550 4 2,300 550 5 3,500 550