PR 4-2B Financial statements and closing entries OBJ. 2, 3 1. Nicole Gorman, The Gorman Group is a financial planning services firm owned and operated by Nicole capital, October 31: Gorman. As of October 31, 2019, the end of the fiscal year, the accountant for The Gorman $313,000 Group prepared an end-of-period spreadsheet, part of which follows: A F G 1 - W N - The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted 5 Trial Balance 6 Account Title Dr. Cr. 7 8 Cash 11,000 9 Accounts Receivable 28, 150 10 Supplies 6,350 11 Prepaid Insurance 9,500 12 Land 75,000 13 Buildings 250,000 14 Accumulated Depreciation-Buildings 117,200 15 Equipment 240,000 16 Accumulated Depreciation-Equipment 151,700 17 Accounts Payable 33,300 18 Salaries Payable 3,300 19 Unearned Rent 1,500 20 Nicole Gorman, Capital 220,000 21 Nicole Gorman, Drawing 20,000 22 Service Fees 468,000 23 Rent Revenue 5,000 24 Salaries Expense 291,000 25 Depreciation Expense-Equipment 17,500 26 Rent Expense 15,500 27 Supplies Expense 9,000 28 Utilities Expense 8,500 29 Depreciation Expense-Buildings 6,600 30 Repairs Expense 3,450 31 Insurance Expense 3.000 32 Miscellaneous Expense 5,450 33 1,000,000 1,000,000 (Continued)Instructions 1. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 2. Journalize the entries that were required to close the accounts at October 51. 5. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the clos- ing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss