Steel Co.'s cash balance according to the general ledger was $13,260 on February 28, 2021. According to the bank staten Time left 1:22:04 the balance in Steel Co.'s bank account on February 28th was $13,310. The following cash related transaction for the month ended February 28, 2021 occurred: 1. The last deposit of the month, for $1,000, was made as a night deposit on February 28th by the company's owner for the services he rendered during the month of February. 2. One of Steel Co.'s customers paid its account by making an $600 EFT. 3. The bank subtracted a service charge of $40 from the company's bank account for February. 4. Outstanding cheques totaled $1,200 at the end of February. 5. The bank deducted $650 from Steel Co.'s account for payment of loan principal The bank returned a $150 cheque marked NSF that a customer used to pay off their account 6. 7 The bank statement showed that cheque number 004 (which Steel Co. had issued to pay for utilities expense) was recorded by the bank as $785, which is the correct amount for the invoice, while the company incorrectly recorded this cheque as $875. Required: 1 Prepare the bank reconciliation for February 28, 2021. (8 marks) What is the amount which Steel Co. should report on its statement of financial position on February 28th, 20217 (1 mark) A BI PART 1) BANK RECONCILIATION Bank Reconciliation