Module 7Assignment /d2/Ims/dropbox/user/folder submit files.d21?db-60213998igrpid-08isprv-08bp-08ou-7653198 LO-7-2 Scenario The controller of the Red Wing Corporation is in the process of preparing the company's 2018 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: .Balances in the company's accounts at the First National Bank; checking $13,500, savings $22,100. Undeposited customer checks of $5,200 Currency and coins on hand of $580. 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 2020). $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 2021. .U.S, Treasury bills: 2-month maturity bills totaling $15.000, and 7-month bills totaling $20,000. Assignment: 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2018 balance sheet. 2. For each of the items not included in your answer to requirement 1. explain the correct classification of the item. Submit Submit Cancel