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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 $ 310,000 Expenses: Advertising expense $ 3,000 Salaries expense 97,000 Office supplies expense 1,800 Utilities expense 950 Malpractice insurance expense 7,000 Office rent expense 24,000 Continuing education expense 2,350 Depreciation expense: fixtures 5,000 Miscellaneous expense 6,000 Income taxes expense 30,500 177,600 Net income $ 132,400 ________________________________________ Ficks statement of retained earnings indicates that a $7,000 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 Ficks 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?