Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31 , 20Y3, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Unearned Rent Nicole Gorman, Capital 1,400 Nicole Gorman, Drawing 400,020 Service Fees 23,400 Rent Revenue 444,750 \begin{tabular}{lrl} Salaries Expense & 318,850 \\ Depreciation Expense-Equipment & 17,300 \\ Rent Expense & 14,500 \\ Supplies Expense & 10,260 \\ Utilities Expense & 9,270 \\ Depreciation Expense-Buildings & 6,180 \\ Repairs Expense & 5,110 & \\ Insurance Expense & 2,800 & \\ Miscellaneous Expense & 4,780 & \\ & 1,137,950 & 1,137,950 \\ & & 1,700 \\ \hline \hline \end{tabular} Income Statement For the Year Ended October 31, 20 Y3 Revenues: Total revenues Expenses: Total expenses Prepare a statement of owner's equity (no additional investments were made during the year). Gorman Group Balance Sheet October 31, 20Y3 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Owner's Equity Total property, plant, and equipment Tntal accote $1 Tntal liahilitiec and nwnar's anuitv 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. 3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained th same, what would have been the amount of net income or net loss? $