Figure 2: Statements of Financial Position as at 31St December 2019 and 2021: All figures in k 2019 2021 Non current assets: Cost Accumulated |\\||3'I\"If C051; Accumulated Depreciation Depreciation Intangible: 'Brewkat' Brand* 50 Tangible: Property Plant and Equipment\" Current Assets: Inventories Trade receivables Cash and cash equivalents Total assets Financed by: Capital and Reserves Ordinary Shares of 1 each Retained earnings Total shareholders funds Non Current Liabilities 13% Loan Current Liabilities Trade payables Corporation tax payable Notes: *Late in 2021, Markham acquired 'Brewkat', a local Microbrewery with an excellent reputation for its ales. The value of the Brewkor brand was estimated at 50,000 and this has been recognised as an Intangible asset in the Statement of Financial Position as at 31St December 2021. \"The Property Plant and Equipment includes a "tunnel pasteuriser\Question 11 Figure 2 shows that Markham has managed to maintain a cash balance of f42k despite all the problems created by the Pandemic during 2021. a) Explain the difference between the 'Baumol' and the 'Miller and Orr' approaches to cash management (4 marks) b) Discuss whether Markham should adopt the 'Baumol' model or the 'Miller and Orr' model in its approach to cash management: i) In normal (i.e. non-pandemic) times (3 marks) ii) In times when business is affected by a pandemic