Question 1 [5 points] Gulf Corp. had the following balances:

Question 1 [5 points] Gulf Corp. had the following balances: Account Cash Accounts receivable. Long-term investment in shares Investment in bonds Patents Accounts payable.. Short-term notes payable. Unearned rent Long-term notes payable. Consulting revenue earned. Advertising expense. 2014 $59,000 92,500 133,500 59,000 43,000 84,000 147,500 26,000 146,500 88,500 105,500 2013 $59,000 101,500 113,000 82,000 40,500 42,500 107,000 67,000 176,500 60,500 57,500 a) Calculate the working capital for 2014 and 2013. Please make sure your final answer(s) are accurate to the nearest whole number. 2014 2013 Working capital b) Is the change in working capital favourable or unfavourable? The change in working capital is (select one)