Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. 2. For each of the items not included in your answer to requirement 1 , explain the correct classification of the item. Access the FASB Accounting Standard's Codification at the FASB website (www.fasb.org) and select Basic View for free access. Arequired: Indicate the specific seven-digit Codification citation (XXXXXXX) for each of the following items: 1. Accounts receivables from related parties should be shown separately from trade receivables 2. The definition of cash equivalents (Hint; See Statement of Cash Flows.) 3. The requirement to value notes exchanged for cash at the cash proceeds 4. The two conditions that must be met to accrue a loss on an accounts receivable Parker Inc. has the following cash balances: Required: 1. Prepare the current assets and current liabilities section of Parker's 2024 balance sheet, assuming Parker reports under U.S. GAAP. 2. Prepare the current assets and current liabilities section of Parker's 2024 balance sheet, assuming Parker reports under IFRS. The controller of the Red Wing Corporation is in the process of preparing the company's 2024 financial statements. She is trying to determine the correct balance of cash and cash equivalents to be reported as a current asset in the balance sheet. The following items are being considered: a. Balances in the company's accounts at the First National Bank; checking \$13,500, savings $22,100. b. Undeposited customer checks of $5,200. c. Currency and coins on hand of $580. d. Savings account at the East Bay Bank with a balance of $400,000. This account is being used to accumulate cash for future plant expansion (in 2026). e. $20,000 in a checking account at the East Bay Bank. The balance in the account represents a 20% compensating balance for a $100,000 loan with the bank. Red Wing may not withdraw the funds until the loan is due in 2027. f. U.S. Treasury bills; 2 -month maturity bills totaling $15,000, and 7-month bills totaling $20,000. Required: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. 2. For each of the items not included in your answer to requirement 1, explain the correct classification of the item