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:

The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9
	Adjusted Trial Balance
Account Title	Dr.	Cr.
Cash	$11,520
Accounts Receivable	25,090
Supplies	3,920
Prepaid Insurance	8,470
Land	89,000
Buildings	321,000
Accumulated Depreciation-Buildings		104,400
Equipment	232,000
Accumulated Depreciation-Equipment		136,000
Accounts Payable		29,670
Salaries Payable		2,940
Unearned Rent		1,330
Common Stock		134,000
Retained Earnings		247,540
Dividends	22,300
Service Fees		423,160
Rent Revenue		4,470
Salaries Expense	303,370
Depreciation Expense-Equipment	16,500
Rent Expense	13,800
Supplies Expense	9,760
Utilities Expense	8,820
Depreciation Expense-Buildings	5,880
Repairs Expense	4,860
Insurance Expense	2,670
Miscellaneous Expense	4,550
	1,083,510	1,083,510

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. Total property, plant, and equipment Total assets 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. 3. If the balance of Retained earnings had instead increased $31,200 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