During its first five years of operations, White 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 $ 1,500 $ 560 $ 970 2 2,000 560 3 2,700 1,300 4 3,800 1,300 5 5,000 1,300