Question 1: Calculate the Balance of Retained Earnings During its first five years of operations, Cooper Corporation 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 NET INCOME RETAINED EARNINGS $1,800 $2,300 $3,400 $4,300 $5,100 $600 $600 $1,500 $800 $1,300 4