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 $14,960$

Accounts Receivable $32,580$

Supplies $5,090$

Prepaid Insurance $10,990$

Land $116,000$

Buildings $416,000$

Accumulated Depreciation$-$Buildings $135,600$

Equipment $301,000$

Accumulated Depreciation$-$Equipment $176,600$

Accounts Payable $38,530$

Salaries Payable $3,820$

Unearned Rent $1,730$

Nicole Gorman, Capital $494,620$

Nicole Gorman, Drawing $28,900$

Service Fees $549,470$

Rent Revenue $5,800$

Salaries Expense $393,920$

Depreciation Expense$$Equipment $21,400$

Rent Expense $17,900$

Supplies Expense $12,670$

Utilities Expense $11,450$

Depreciation Expense$$Buildings $7,640$

Repairs Expense $6,310$

Insurance Expense $3,460$

Miscellaneous Expense $5,900$

$1,406,1701,406,170$

$1.$ 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?

$fill in the blank $109$