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a. Prepare the necessary closing entries on December 31 of the current year. b. If Ficks Retained earnings account had a $95,000 balance on at

a. Prepare the necessary closing entries on December 31 of the current year.

b. If Ficks Retained earnings account had a $95,000 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?

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