The following financial information was taken from the books of Walker Spa:

Account Balances as of December 31, 2013
Accounts Receivable ......... $54,000
Accounts Payable ............ 15,000
Advertising Expense .......... 7,000
Cash ................ 80,600
Common Stock ............ 40,000
Dividends .............. 10,000
Land ................ 27,000
Prepaid Rent ............. 6,400
Rent Expense ............. 15,600
Retained Earnings 1/1/2013 ....... 38,800
Salaries Expense ........... 64,000
Salaries Payable ............ 23,600
Service Revenue ............ 153,000
Supplies ................ 800
Supplies Expense ........... 5,000

Required
a. Prepare the journal entries necessary to close the temporary accounts December 31, 2013, for Walker Spa.
b. What is the balance in the Retained Earnings account after the closing entries are posted?