The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 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 17,700 Accounts Receivable 38,530 Supplies 6,020 Prepaid Insurance 13,000 Land 137,000 Buildings 493,000 Accumulated Depreciation-Buildings 160,400 Equipment 356,000 Accumulated Depreciation-Equipment 208,900 Accounts Payable 45,570 Salaries Payable 4,520 Unearned Rent 2,050 Nicole Gorman, Capital 585,780 Nicole Gorman, Drawing 34,200 Service Fees 649,860 Rent Revenue 6,860 Salaries Expense 465,890 Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 465,890 25,300 21,200 14,990 13,550 9,030 7,460 4,090 6,980 1,663,940 1,663,940 Required: 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October 31, 2019 Revenues: Service fees Total revenues Expenses: Total revenues Expenses: Total expenses Net income Prepare a statement of owner's equity (no additional investments were made during the year). Gorman Group Statement of Owner's Equity Prepare a statement of owner's equity (no additional investments were made during the year). Gorman Group Statement of Owner's Equity For the Year Ended October 31, 2019 si Prepare a balance sheet. Gorman Group Balance Sheet October 31, 2019 Liabilities Current liabilities: Assets Current assets: Balance Sheet October 31, 2019 Assets Current assets: Liabilities Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Owner's Equity Total liabilities Total current assets Property, plant, and equipment: Owner's Equity Total property, plant, and equipment Total assets Total liabilities and owner's equity 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. 2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does n require an entry, leave it blank. Date Account Debit Credit Oct. 31 III II Oct. 31 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