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 GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 2019Adjusted Trial BalanceAccount TitleDr. Cr. Cash$11,470Accounts Receivable24,960Supplies3,900Prepai d Insurance8,420Land89,000Buildings31 9,000Accumulated Depreciation-Buildings 103,900Equipment230,000Accumulated Depreciation-Equipment 135,300Accounts Payable 29,520Salaries Payable 2,930Unearned Rent 1,330Nicole Gorman, Capital 378,780Nicole Gorman, Drawing22,200Service Fees 421,010Rent Revenue 4,450Salaries Expense301,820Depreciation Expense—Equipment16,400Rent Expense13,700Supplies Expense9,710Utilities Expense8,780Depreciation Expense—Buildings5,850Repairs Expense4,840Insurance Expense2,650Miscellaneous Expense4,5201,077,2201,077,220Requi red: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?