PR 4-2B Financial statements and closing entries Obj. 2, 3 v1. Retained The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman earnings, October 31: As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared $288,000 an end-of-period spreadsheet, part of which follows: The Gorman Group For the Year Ended October 31, 2018 Trial Balance Account Title 9 Accounts Receivable 28,150 1 Prepaid Insurance 12 Land 15 Equipment 8 Accumulated 151,700 Accounts Payatle 18 Salaries Payable 9 Unearned Rent 0 Common Stock 500 Retained Eamings Service Fees 24 Rent Revenue 25 Salaries Expense 17 500 27 Rent Expense 28 Supplies Expense 29 Utiities Expense 30 Depreciation 31 Repairs Expense 32 Insurance Expense 1. Prepare an income statement, a retained earnings statement, and a balance sheet 2. Journalize the entries that were required to close the accounts at October 31. 3. If the balance of Retained Earnings had instead increased $115,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss