Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, 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, 2018 Adjusted Trial Balance Account Title Dr. Cash $16,700 Accounts Receivable 36,350 Supplies 5,680 Prepaid Insurance 12,270 Land 129,000 Buildings 465,000 Accumulated Depreciation-Buildings 151,300 Equipment 336,000 Accumulated Depreciation-Equipment 197,100 Accounts Payable 43,000 Salaries Payable 4,260 Unearned Rent 1,930 Common Stock 193,000 Retained Earnings 359,480 Dividends 32,300 Service Fees 613,160 Rent Revenue 6.480 Previous Next > Calculator 465,000 151,300 336,000 197,100 43,000 4,260 1,930 193,000 359,480 32,300 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 613,160 6,480 439,580 23,900 20,000 14,140 12,780 8,520 7,040 3,860 6,590 1,569,710 1,569,710 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2018 Revenues: II Total Revenues Expenses: ! Total Expenses Net income Prepare a Retained Earnings Statement. The Gorman Group Retained Earnings Statement For the Year Ended October 31, 2018 The Gorman Group Balance Sheet October 31, 2018 Assets Liabilities Current liabilities: Current assets: Total liabilities Total current assets Stockholders' Equity Property, plant, and equipment: dropdown Total stockholders' equity Total liabilities and stockholders' equity Total property, plant, and equipment Previous Next > Total assets 2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if a box does not require an entry. leave it blank. Date Account Debit Credit 2018 Oct. 31 Close revenues Oct. 31 Close expenses Accounting numeric field Oct. 31 Close II III Oct. 31 Close income/loss Oct. 31 Close dividends 3. If Retained Earnings had instead decreased $45,200 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