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: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Account Title Adjusted Trial Balance Dr. Adjusted Trial Balance Cr. Cash 17,900 Accounts Receivable 38,980 Supplies 6,090 Prepaid Insurance 13,150 Land 138,000 Buildings 498,000 Accumulated Depreciation-Buildings 162,200 Equipment 360,000 Accumulated Depreciation-Equipment 211,300 Accounts Payable 46,100 Salaries Payable 4,570 Unearned Rent 2,070 Common Stock 207,000 Retained Earnings 384,180 Dividends 34,600 Service Fees 657,420 Rent Revenue 6,940 Salaries Expense 471,310 Depreciation Expense-Equipment 25,600 Rent Expense 21,400 Supplies Expense 15,160 Utilities Expense 13,700 Depreciation Expense-Buildings 9,140 Repairs Expense 7,550 Insurance Expense 4,140 Miscellaneous Expense 7,060 Total 1,681,780 1,681,780 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. Date Account Debit Credit 20Y9 Oct. 31 Insurance expenseMiscellaneous expenseRetained earningsService feesUtilities expense fill in the blank 82 fill in the blank 83 CashInsurance expensePrepaid insuranceRent revenueRepairs expense fill in the blank 85 fill in the blank 86 Accounts receivableCashDividendsSalaries expenseSalaries payable fill in the blank 88 fill in the blank 89 Accumulated depreciation-equipmentDepreciation expense-equipmentEquipmentLandService fees fill in the blank 91 fill in the blank 92 Accounts receivableRent expenseRent revenueRetained earningsUnearned rent fill in the blank 94 fill in the blank 95 CashDividendsService feesSuppliesSupplies expense fill in the blank 97 fill in the blank 98 BuildingsDividendsRent revenueRetained earningsUtilities expense fill in the blank 100 fill in the blank 101 Accounts receivableAccumulated depreciation-equipmentBuildingsDepreciation expense-buildingsLand fill in the blank 103 fill in the blank 104 Accounts payableEquipmentLandPrepaid insuranceRepairs expense fill in the blank 106 fill in the blank 107 Accounts receivableCashInsurance expensePrepaid insuranceRetained earnings fill in the blank 109 fill in the blank 110 Accounts receivableCashEquipmentMiscellaneous expenseSalaries payable fill in the blank 112 fill in the blank 113 CashRetained earningsService feesUnearned rentWages Payable fill in the blank 115 fill in the blank 116 20Y9 Oct. 31 Accounts payableDividendsRent revenueRetained earningsService fees fill in the blank 118 fill in the blank 119 Accounts receivableCashDividendsRetained earningsSupplies expense fill in the blank 121 fill in the blank 122 3. If the balance of Retained earnings had instead increased $48,400 after the closing entries were posted, and the dividends remained the same, what would have been the amount of Net income or Net loss? Enter all amounts as positive numbers. fill in the blank 1 of 2$ fill in the blank 2 of 2 Net IncomeNet Loss ASAP PLEASE