The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October $31,2019,$ 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 $31,2019$

Adjusted Trial Balance

Account Title Dr$.$ Cr$.$

Cash $12,820$

Accounts Receivable $27,900$

Supplies $4,360$

Prepaid Insurance $9,420$

Land $99,000$

Buildings $357,000$

Accumulated Depreciation$-$Buildings $116,200$

Equipment $258,000$

Accumulated Depreciation$-$Equipment $151,300$

Accounts Payable $33,010$

Salaries Payable $3,270$

Unearned Rent $1,480$

Nicole Gorman, Capital $424,070$

Nicole Gorman, Drawing $24,800$

Service Fees $470,660$

Rent Revenue $4,970$

Salaries Expense $337,420$

Depreciation Expense$$Equipment $18,300$

Rent Expense $15,300$

Supplies Expense $10,860$

Utilities Expense $9,810$

Depreciation Expense$$Buildings $6,540$

Repairs Expense $5,410$

Insurance Expense $2,960$

Miscellaneous Expense $5,060$

$1,204,9601,204,960$

Required:

$1.$ Prepare an income statement.

Prepare a statement of owner's equity $($no additional investments were made during the year$).$

Prepare a balance sheet.

$2.$ Journalize the entries that were required to close the accounts at October $31.$ For a compound transaction, if an amount box does not require an entry, leave it blank.

$3.$ If the balance of Nicole Gorman, Capital had instead increased $$115,000$ after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss?