Sandhill Inc's bank statement from Western Bank at August 31, 2022, shows the following information. Balance, August 1 August deposits Cheques cleared in August Bank credit for interest earned not yet accrued Bank debit for safety deposit box fee Bank service charge Balance, August 31 $16,072 71,540 (67,308 ) 45 (25) (50) $20,274 A summary of the Cash account in the ledger for August shows the following: Reconciled cash balance, August 1, $16,562; cash receipts deposited $75,460; cheque disbursements $72,095; and unreconciled cash balance, August 31, $19,927. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,900 and outstanding cheques of $4,410. In addition, you determine that there was an error involving a company cheque drawn in August: A cheque for $400 payable to a supplier on account that cleared the bank in August was journalized and posted for $40. Calculate deposits in transit at August 31. Deposits in transit $ 70560