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 S 1,000 $ 460 2 1,500 460 3 1,700 800 4 2,800 800 5 4,000 800