Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the fiscal ye the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Buildings 399,000 Accumulated Depreciation-Buildings 130,000 Equipment 288,000 Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Nicole Gorman, Capital 169,30036,9403,6601,660473,620 Nicole Gorman, Drawing 27,700 Service Fees Rent Revenue 526,8005,560 Salaries Expense 377,660 Depreciation Expense-Equipment 20,500 Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense \begin{tabular}{rr} 5,660 & \\ \hline 1,347,540 & 1,347,540 \\ \hline \hline \end{tabular} Income Statement For the Year Ended October 31, 2019 Revenues: Total revenues Expenses: Total expenses Net income Prepare a statement of owner's equity (no additional investments were made during the year). Prepare a balance sheet. Balance Sheet October 31, 2019 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Owner's Equity Total property, plant, and equipment Total assets Total liabilities and owner's equity 2. Journalize the entries that were required to close the accounts at October 31 . For a compound transaction, if an amount box does 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 rem same, what would have been the amount of net income or net loss