Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2049, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash $17,550 Accounts Receivable 38,210 Supplies 5,970 Prepaid Insurance 12,900 Land 136,000 Buildings 488,000 Accumulated Depreciation-Buildings 159,000 Equipment 353,000 Accumulated Depreciation-Equipment 207,200 Accounts Payable 45,190 Salaries Payable 4,480 Unearned Rent 2,030 Common Stock 203,000 Retained Earnings 377,130 Dividends 33,900 Service Fees 644,460 Rent Revenue 6,810 Salaries Expense 462,020 Depreciation Expense-Equipment 25,100 Rent Expense 21,000 6,810 Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 462,020 25,100 21,000 14,870 13,430 8,960 7,400 4,060 6,930 1,649,300 1,649,300 Required: 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2019 Revenues: Total revenues Expenses: Expenses: Total 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 blank. If a Net Joss is incurred or dividends were paid, enter that amount as a negative number using minus sign. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 2049 Common stock Retained earnings Total $ Prepare a balance sheet. Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2019 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Total property, plant, and equipment Total stockholders' equity Total assets 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. Total assets 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 blank. Date Account Debit Credit 2019 Oct. 31 2079 Oct. 31 3. If the balance of Retained earnings had instead increased $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