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2. 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. $ 340,000 FICK PSYCHOLOGICAL SERVICES, INC. Income Statement For the year ended December 31. Current year Revenue: Counseling revenue Expenses: Advertising expense $ 1.600 Salaries expense 98.000 Office supplies expense 1.700 Utilities expense 950 Malpractice Insurance expense 6.000 Officerent expense 22.000 Continuing education expense 2,850 Depreciation expense: fixtures 4,000 Miscellaneous expense 6.000 Income taxes expense 35.500 Net income 178.600 $ 161.400 Fick's 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 $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