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Problem 17-8 (AICPA Adapted) On December 31, 2020, Kale Company had the following balances in the bank accounts with First Bank: Checking account #101 1, 750,000 Checking account #201 ( 100,000) Time deposit 250,000 Commercial papers 1,000,000 90-day treasury bill, due February 28, 2021 500,000 180-day treasury bill, due March 15, 2021 800,000 On December 31, 2020, what amount should be reported as cash and cash equivalents? a. 3,400,000 b. 2,000,000 C. 2,400,000 d. 3,200,000