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: Required: 1. Prepare an income statement. Required: 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 20Y9 Revenues: Total revenues 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 Balance Sheet October 31, 20Y9 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity 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 20Y9 Oct. 31 Debit Credit 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 en 3. If the balance of Retained earnings had instead increased $47,800 after the closing entries were posted, and the dividends remained the same, what would have bee the amount of Net income or Net loss? Enter all amounts as positive numbers. \&