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 1S1,250 510 1,750 510 1,050 2,200 1,050 4 3,300 4,500 1,050