During its first five years of operations, Walter 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 1 2 3 4 5 Net Income: Dividends $ 1,550 $ 2,050 2,800 3,900 5,100 570 570 1,350 1,350 1,350 Retained Earnings