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 Net Income (Loss) for the Dividends for the Year Ending Year Retained Earnings 1 $ (47,000) $ 0 2 58,000 0 3 83,000 24,000 4 140,000 24,000 5 173,000 40,000