Please do a financial analysis of each contract's advantages and disadvantages to the GAC while taking the GAC's objectives into consideration. Indicate which bid is the best; give arguments that support your opinion. Wells Technical Institute (WT I), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off- site locations. Its unadjusted trial balance as of December 31, 2016, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2016, follow. Additional Information Items a) An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b) An inventory count shows that teaching supplies costing $2,891 are available at year-end 2016. c) Annual depreciation on the equipment is $13,342. d) Annual depreciation on the professional library is $6,671. e) On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,800, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2017