The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2049, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Cash The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. $15,610 Accounts Receivable 33,980 Supplies 5,310 Prepaid Insurance 11,470 Land 121,000 Buildings 434,000 Accumulated Depreciation-Buildings 141,500 Equipment 314,000 Accumulated Depreciation-Equipment 184,300 Accounts Payable 40,200 Salaries Payable 3,980 Unearned Rent 1,810 Common Stock 181,000 Retained Earnings 334,950 Dividends 30,200 Service Fees 573,210 Rent Revenue 6,050 Salaries Expense 410,940 Depreciation Expense-Equipment 22,300 Rent Expense 18,700 Supplies Expense 13,220 Utilities Expense 11,950 Depreciation Expense-Buildings 7,970 Repairs Expense 6,580 Insurance Expense 3,610 Miscellaneous Expense 6,160 1,467,000 1,467,000 Required: 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2049 Revenues: Total revenues Expenses: Total expenses 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. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 2049 Common stock Retained earnings Total $ 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. Date Account Debit Credit 2019 Oct. 31 2019 Oct. 31 3. If the balance of Retained earnings had instead increased $42,200 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. Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2049 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity Total property, plant, and equipment Total stockholders' equity Total assets Total liabilities and stockholders' equity