Problem 1-18 (AICPA Adapted) Aruba Company had a checkbook balance on 2,000,000 December 31 2020 of P8,000,000 and held the following items in the safe: Check payable to Aruba, dated January 5, 2021, included in December 31 checkbook balance Check payable to Aruba, deposited December 20, and included in December 31 checkbook balance, but returned by bank on December 30, stamped "NSF". The check was redeposited January 2, 2021, and cleared January 3, 2021. Check drawn on Aruba's account and payable to a vendor, dated and recorded December 31 but not mailed until January 15, 2021 500,000 1,500,000 Cash on hand - undeposited collections Change fund Time deposit for plant expansion Treasury bill Money market placement Postage stamps unused 400.000 40,000 1,000,000 2,500,000 3,000,000 10,000 1. What total amount should be reported as cash on December 31, 2020? a. 7,400,000 b. 7,440,000 c. 8,440,000 d. 7,450,000 2. What total amount should be reported as cash equivalents on December 31, 2020? a. 6,500,000 b. 3,000,000 c. 5,500,000 d. 2,500,000