Financial Statements and Closing Entries period spreadsheet, part of which follows:

The Gorman Group

End$-$of$-$Period Spreadsheet

For the Year Ended October $31,20Yg$

$\backslash$table$[[$Account Title,$\backslash$table$[[$Adjusted$],[$Trial Balance$],[$Dr$.]],\backslash$table$[[$Adjusted$],[$Trial Balance$],[Cr.]]],[$Cash$,13,820,],[$Accounts Receivable,$30,080,],[$Supplies$,4,700,],[$Prepaid Insurance,$10,150,],[$Land$,107,000,],[$Buildings$,385,000,],[$Accumulated Depreciation$-$Buildings,,$125,200],[$Equipment$,278,000,],[$Accumulated Depreciation$-$Equipment,,$163,100],[$Accounts Payable,,$35,580],[$Salaries Payable,,$3,530],[$Unearned Rent,,$1,600],[$Common Stock,,$160,000],[$Retained Earnings,,$297,450],[$Dividends$,26,700,],[$Service Fees,,$507,370],[$Rent Revenue,,$5,360],[$Salaries Expense,$363,730,],[$Depreciation ExpenStockholders' Equity

Total stockholders' equity

Total liabilities and stockholders' equity

$2.$ Journalize the entries that were required to close the accounts at October $31.$ If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers.

$$se$-$Equipment,$19,700,]]\backslash$table$[[$Rent Expense,$16,500],[$Supplies Expense,$11,700],[$Utilities Expense,$10,580],[$Depreciation Expense$-$Buildings,$7,050],[$Repairs Expense,$5,830],[$Insurance Expense,$3,200],[$Miscellaneous Expense,$5,450]]$

Required:

Prepare an income statement.

The Gorman Group

Income Statement

For the Year Ended October $31,20$ Y$9$

Revenues:Total expenses

Net income

$\backslash$table$[[443,740],[$$$68,990$