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 Statement For the year ended December 31, current year Revenue: Counseling revenue $ 300,000 Expenses: Advertising expense $ 2,100 Salaries expense 92,000 Office supplies expense 1,200 Utilities expense 850 Malpractice insurance expense 6,000 Office rent expense 28,000 Continuing education expense 2,380 Depreciation expense: fixtures 4,500 Miscellaneous expense 6,000 Income taxes expense 33,580 176,450 Net Income $ 123,550 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? Record the entry to close the revenue account. transaction general journal debit Credit transaction Record the entry to close expense accounts. general journal debit Credit Record the transfer of Net income/loss. general journal transaction debit Credit Record the entry to close dividends. general journal transaction debit Credit