P4-2B. Preparing a bank reconciliation (Learning Objective 1) 20-25 min. The March bank statement of Sparky's Sub Shop just arrived from Inland Bank. To prepare the bank reconciliation, you gather the following additional data: a. The following cheques are outstanding on March 31: b. On March 31, Sparky's Sub Shop's treasurer deposited $320, but this deposit does not appear on the bank statement. c. The bank statement includes a $674 deduction for cheque 1668 written by Frank's Franks rather than Sparky's Sub Shop. Sparky's Sub Shop notified the bank of this error. d. Sparky's Sub Shop's Cash account shows a balance of $12,600 on March 31 . e. The EFT for $1,200 was a collection of rent revenue and the EFT deposit for $350 was a collection on account. Requirements 1. Prepare the bank reconciliation for March 31. 2. Record the journal entries called for by the reconciliation. Include an explanation for each entry