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 1 $ 1,700 Dividends $ Retained Earnings 600 2 2,200 600 t 3 3,100 1,500 4 4,200 1,500 ces 6 5,400 1,500