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 $ 850 $ 430 2 1,350 430 1345 1,400 650 2,500 650 3,700 650