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	$15,140
Accounts Receivable	32,960
Supplies	5,150
Prepaid Insurance	11,120
Land	117,000
Buildings	421,000
Accumulated Depreciation-Buildings		137,200
Equipment	304,000
Accumulated Depreciation-Equipment		178,700
Accounts Payable		38,990
Salaries Payable		3,860
Unearned Rent		1,750
Common Stock		175,000
Retained Earnings		324,620
Dividends	29,300
Service Fees		555,940
Rent Revenue		5,870
Salaries Expense	398,560
Depreciation Expense-Equipment	21,600
Rent Expense	18,100
Supplies Expense	12,820
Utilities Expense	11,590
Depreciation Expense-Buildings	7,730
Repairs Expense	6,390
Insurance Expense	3,500
Miscellaneous Expense	5,970
	1,421,930	1,421,930

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.

If the balance of Retained earnings had instead increased $40,900 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.