Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of october 31,20y9, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings 146,800 Dividends 32,020 Service Fees Rent Revenue 3,170 1,440 Salaries Expense 144,000 266,800 Depreclation Expense-Equipment Rent Expense 24,000 Supplies Expense Utilties Expense 456,630 4,820 Depreciation Expense-Buildings Repairs Expense 327,360 Insurance Expense 17,800 Miscellaneous Expense 14,900 10,530 9,520 6,350 5,250 \begin{tabular}{rr} 4,910 & \\ \hline 1,168,380 & 1,168,380 \\ \hline \end{tabular} Requiredt 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 20Y9 Revenues: Total revenues Expenses: Prepare a statement of stockholders' equity. During the year, no additional Common stock was issued. If an amount box does not require an entry, leave it biank. If a Net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. The Gorman Group Balance Sheet October 31, 20Yg Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Total assets Liabilities Current liabilities: Total fiabilities Stockholders' Equity Total stockholders' equity Total liablities 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. 3. If the balance of Retained earnings had instesd increased $33,600 atter 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