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: Retained Earnings Year Net Income Dividends 1 $ 1,150 $ 490 2 1,650 490 3 2,000 950 4 3,100 950 5 4,300 950