Exercise 10-10 (Static) 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.) Net Income Year (Loss) for the Dividends for the Year Ending Retained Year Earnings 1 $ (35,000) $ 0 2 52,000 0 3 87,000 20,000 4 128,000 20.000 5 153,000 25,000