Refer to the adjusted trial balance of Wilderness Guide Services, Inc., illustrated in Exercise 5.3 to respond to the following items.

a. Prepare all necessary closing entries at December 31, current year.
b. Prepare an after-closing trial balance dated December 31, current year.
c. Compare the Retained Earnings balance reported in the after-closing trial balance prepared in part b to the balance reported in the adjusted trial balance. Explain why the two balances are different. (Include in your explanation why the balance reported in the after-closing trial balance has increased or decreased subsequent to the closing process.)

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WILDERNESS GUIDE SERVICES, INC ADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR · $.12.200 31,000 7,900 2,400 70,000 $60,000 18,000 9,500 25,000 15,000 1,000 102,000 87,500 1,200 9,600 5,000 1,700 $229,500 $229,500