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 $ 700 $ 400 $ 300 2 1,200 400 3 1,100 500 4 2,200 500 5 3,400 500 2,900