Problem #1 (5 pts) On December 31, 2021, West Company had the following cash balances: Cash in Bank Petty Cash Fund Time Deposit ( due Feb. 1, 2022) P 1,800,000 50,000 250,000 Cash in bank included P600,000 of compensating balance against short-term borrowing arrangement on December 31, 2021. The compensating balance is legally restricted as to withdrawal. In the December 31, 2021 statement of financial position, what total amount should be reported as cash and cash equivalents?||