Undem Scientific provides research consulting services to both university and corporate clients. The company closes its temporary accounts once each year on December 31. It recently issued the following income statement as part of its annual report. UNDEM SCIENTIFIC Income Statement For the Year Ended December 31, 2020 Revenue: Consulting revenue-university clients Consulting revenue-corporate clients $ 300.000 500,000 $ 800,000 $ 44.000 152.000 60,000 4.000 Expenses: Advertising expense Depreciation expense: computers and diagnostic equipment Rent expense Office supplies expense Travel expense Utilities expense Telephone and Internet expense Salaries expense Interest expense Net loss 200.000 3.000 2.000 360,000 5.000 830.000 $ (30,000) The firm's statement of retained earnings indicates that a $10,000 cash dividend was declared and paid in the 2020. The firm's Retained Earnings account had a $80,000 balance on January 1, 2020. a. Prepare the necessary closing entries on December 31, 2020 (using the accounts we covered in class). (6 points) b. Prepare a T-account for Retained Earnings to show the December 31, 2020 balance of Retained Earnings. (4 points)