Arnold Company has a checking account at Neighbor Bank and an interest-bearing savings account at Stranger Bank. (1.0 Point ) On December 31, year 1, the bank reconciliations for Arnold Company are as follows: What amount should be classified as cash on Arnold's balance sheet at December 31, year 1? Stranger Bank Bank Balance $45,000 Deposit in transit $5,000 Book balance $50,000 Neighbor Bank Bank Balance $15,000 Outstanding checks ($15,500) Book balance