Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance Account Title Dr. Cr. Cash $17,580 Accounts Receivable 38,270 Supplies 5,980 Prepaid Insurance 12,920 Land 136,000 Buildings 489,000 Accumulated Depreciation-Buildings 159,300 Equipment 353,000 Accumulated Depreciation Equipment 207,500 Accounts Payable 45,270 Salaries Payable 4,490 Unearned Rent 2,030 Common Stock 203,000 Retained Earnings 377,440 Dividends 34,000 Service Fees 645,540 Rent Revenue 6,820 Salaries Expense 462,790 Depreciation Expense-Equipment 25,100 Rent Expense 21,000 Supplies Expense 14,890 Utilities Expense 13,460 Depreciation Expense-Buildings 8,970 Repairs Expense 7,420 Insurance Expense 4,070 Miscellaneous Expense 6,940 1.651.390 1.651.390 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2018 Revenues: Total Revenues Expenses: Accounts payable Rent expense Rent revenue Retained earnings Unearned rent Total Expenses Net income Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2018 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Accounts payable Accumulated depreciation-buildings Common stock Cash Depreciation expense quipment Total stockholders' equity Total assets Total liabilities and stockholders' equity 2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if a box does not require an entry, leave it bla Date Account Debit Credit 2018 Oct. 31 Close revenues Oct. 31 Close expenses Accumulated Depreciation Equipment Depreciation Expense-Equipment Equipment Income Summary Accounting numeric field Land Oct. 31 Close income/loss Oct. 31 Close income/loss Oct. 31 Close dividends 3. If Retained Earnings had instead decreased $47,500 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? Enter all amounts as positive numbers