Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, 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, 20Y9 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 Common Stock 205,000 Retained Earnings 380,780 Dividends 34,200 Service Fees 649,860 Rent Revenue 6,860 Salaries Expense 465,890 Depreciation Expense-Equipment 25,300 Rent Expense 21,200 Supplies Expense 14,990 Utilities Expense 13,550 Depreciation Expense-Buildings 9,030 Repairs Expense 7,460 Insurance Expense 4,090 Miscellaneous Expense 6,980 1,663,940 1,663,940 Required: 1. Prepare an income statement.