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 equals at the beginning of year 1 Answer is complete but not entirely correct. Year Dividends 1 $ 2 3 Net Income S 1,350 1,850 2.400 3,500 4,700 530 530 1,150 1.150 1,150 Retained Earnings s 820 1.780 1,250 2,350 X 3,550 4 5