Income Taxes Payable $ 51,250Cash 20,000Notes Payable, 10% , due 6/2/2018 1,000Accounts Receivable 267,500Equipment 950,000Accounts Payable 104,400Inventory 85,000Land 600,000Allowance for Doubtful Accounts 2,000Discount on Notes Payable 150Notes Receivable, maturity 2/1/2024 5,000Current Maturities of Long-Term Debt 6,900Unearned Revenue 4,320Interest Payable 1,010Wages Payable 6,000Marketable Securities 40,000Capital Stock 900,000REQUIRED:1. Compute Cole’s working capital.2. Compute Cole’s current ratio. What does this ratio indicate about Cole’s financial condition?