Exercise 10-10 (Algo) Calculate retained earnings each year (LO10-5) In its first five years of operations, Monster Hats reports the following net income and dividends (the first year is a net loss). Required: Calculate the balance of Retained Earnings at the end of each year. (Negative amounts should be indicated with a minus sign.) Year 1 2 3 4 5 Net Income (Loss) for the Year $ (50,000) 62,000 94,000 128,000 151,000 Dividends for the Year $ 0 0 31,000 31,000 41,000 Ending Retained Earnings

Exercise 10-10 (Algo) Calculate retained earnings each year (LO10-5) In its first five years of operations, Monster Hats reports the following net income and dividends (the first year is a net loss). Required: Calculate the balance of Retained Earnings at the end of each year. (Negative amounts should be indicated with a minus sign.)