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 $12,470 Accounts Receivable 27,140 Supplies 4,240 Prepaid Insurance 9,160 Land 96,000 Buildings 347,000 Accumulated Depreciation-Buildings 113,000 Equipment 251,000 Accumulated Depreciation Equipment 147,100 Accounts Payable 32,100 Salaries Payable 3,180 Unearned Rent 1,440 Common Stock 144,000 Retained Earnings 268,100 Dividends 24,100 Service Fees 457,710 Rent Revenue 4,830 Salaries Expense 328,130 Depreciation Expense-Equipment 17,800 Rent Expense 14,900 Supplies Expense 10,560 Utilities Expense 9,540 Depreciation Expense-Buildings 6,360 Repairs Expense 5,260 Insurance Expense 2,880 Miscellaneous Expense 4,920 1,171,460 1,171,460 Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2049 Assets Liabilities Current assets: Current liabilities: Cash Accounts receivable Supplies Prepaid insurance Total liabilities Total current assets Stockholders' Equity Property, plant, and equipment: Land Buildings Accumulated depreciation-buildings Depreciation expense Equipment Accumulated depreciation-equipment Cash 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. Account Debit Credit Date 2019 Oct. 31 2079 Oct. 31 3. If the balance of Retained earnings had instead increased $33,700 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