The Gerde Clinic, Incorporated, closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report: THE GERDE CLIMNIC, INCORPORATED Income Statement For the year ended December 31, current year Revenue: Counseling revenue % 460,000 Expenses: Advertising expense % 2,200 Sglariss expense 92,008 Office supplies expense 2,508 Utilities expense o= Malpractice insurance expense 5,808 Office rent expense 26,008 Continuing education expense 2,658 Depreciation expense: fixtures 4,568 Miscellaneous expense 7,008 Income taxes expense 39,508 182,258 Met income 277,758 Gerde'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 Gerde'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 clinic's year-end balance sheet on December 31 of the current year? Complete this question by entering your answers in the tabs below. Required A Required B Prepare the necessary closing entries on December 31 of the current year. Mote: If no entry is required for a transaction/event, select "No journal entry required\" in the first account field. View transaction list Journal entry worksheet Record the entry to close the revenue account. Mote: Enter debits before credits. Clear entry View general journal Record entry Journal entry worksheet A B C D > Record the entry to close expense accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journalJournal entry worksheet Record the transfer of Net income/loss. Mote: Enter debits before credits. o Journal entry worksheet