https://cztomheducation.com/ext/map/index.html?.con=conexternal_browser Olaunchurl=https%253A%252F%252Fims.mnheducatio 1 Part 2 Smed 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 Retained Eamings Year Net Income Dividenda 1 $ 700 $ 400 2 1,200 400 3 1,100 500 4 2,200 500 5 3.400 500