Frown Corp.'s book balance of the cash account shows an unadjusted balance of $72,000 before reconciliation. The following data was also available: 1. The bank statement does not include a deposit of $3,100 made on the last day of the month. 2. The bank statement shows a collection of a note receivable by the bank of $1,400 and a customer's cheque for $420 was returned because it was NSF. 3. A customer's cheque for $450 was recorded on the books as $540. 4. A cheque written for $185 was recorded as $851. Required: (a) Calculate the correct balance in the cash account. (b) Some lending institutions require customers who borrow money from them to keep minimum cash balances in their chequing or savings accounts. These balances are called: balances. Explain why they might need to be separately reported on the company's statement of financial position