During its first five years of operations, Walter 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. Answer is complete but not entirely correct. Year Not Income Dividends Retained Earnings 1 $ 1,150 400 $ 2 1,650 400 1,100 3 2.000 950 1,050 4 3.100 950 2,160 6 4,300 950 3.350