Bluff Ski Hill has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. I Cash Expenses Accounts Payable Dividends Supplies $ 45,000 10,000 7,000 26,000 4,000 3,000 18,000 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? a) Increase of $12,000. b) Increase of $14,000. c) Increase of $19,000. d) Increase of $16,000