07 5 50 points Cloon Exercise 5.7 (Algo) Closing Entries of a profitable Company (L05-2, L05-4) Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report FICK PSYCHOLOGICAL SERVICES, INC. Income Statenent For the year ended December 31, current year Revenue: Counseling revenue $ 300,000 Expenses: Advertising expense % 2,180 Salaries expense 92,880 Office supplies expense 1,200 Utilities expense 850 Malpractice insurance expense 6,280 0+icerent expense 28,00 Continul educ ton expense Depreciation Expense: fixtures 4,589 Miscellaneous expense 6.000 Income taxes expense 23. See 276,450 Net incone $ 123,550 Ask Print References Fick's statement of retained earnings indicates that a $5.000 cash dividend was declared and paid during the current year a. Prepare the necessary closing entries on December 31 of the current year. b. If Fick's Retained earnings account had a $97,000 balance on at the beginning of the current year at what amount should retained Earnings be reported in the firm's year-end balance sheet dated December 31? Complete this question by entering your answers in the tabs below. Required A Required B if Fick's Retained earnings account had a $97.000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the firm's year-end balance sheet dated December 31? Relained earnings December 31, current year