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. NOT: retained eranings = net profit, dividends = withdrawal FICK PSYCHOLOGICAL SERVICES, INC. Income Statement For the year ended December 31, current year Revenue: Counseling revenue $ 480, eee Expenses: Advertising expense $ 1,900 Salaries expense 92,000 Office supplies expense 2,5ee Utilities expense 950 Malpractice insurance expense 7,000 Office rent expense 27,000 Continuing education expense 3,750 Depreciation expense: fixtures 4,5ee Miscellaneous expense 8, see Income taxes expense 26,500 174,100 Net income 305, 900 Fick's statement of retained earnings Indicates that a $8,000 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 $96,000 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 $96,000 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? Retained earnings, December 31, current year Record the entry to close the revenue account. Note: Enter debits before credits. Transaction General Journal Debit Credit 1