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, 2049 Adjusted Trial Balance Account Title Dr. Cr. Cash $12,230 Accounts Receivable 26,620 Supplies 4,160 Prepaid Insurance 8,990 Land 95,000 Buildings 340,000 Accumulated Depreciation-Buildings 110,800 Equipment 246,000 Accumulated Depreciation-Equipment 144,400 Accounts Payable 31,490 Salaries Payable 3,120 Unearned Rent 1,410 Common Stock 142,000 Retained Earnings 262,390 Dividends 23,600 Service Fees 449,070 Rent Revenue 4,740 Salaries Expense 321,940 Depreciation Expense-Equipment 17,500 Rent Expense 14,600 Supplies Expense 10,360 Utilities Expense 9,360 Depreciation Expense-Buildings 6,240 Repairs Expense 5,160 Insurance Expense 2,830 Miscellaneous Expense 4,830 1,149,420 1,149,420 Income Statement For the Year Ended October 31, 2019 Revenues: Total revenues 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 loss is incurred or dividends were paid, enter that amount as a negative number using a 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. 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. Date Account Debit Credit 2079 Oct. 31 2019 Oct. 31 3. If the balance of Retained earnings had instead increased $33,100 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