Ortiz Company had the following cash balances at December 31, 2011:
Undeposited coin and currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,500
Unrestricted demand deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,375,000
Company checks written (and deducted from the demand deposits amount)
but not scheduled to be mailed until January 2 . . . . . . . . . . . . . . . . . . . . . . . 265,000
Time deposits restricted for use (expected use in 2012) . . . . . . . . . . . . . . . . 2,500,000
In exchange for a guaranteed line of credit, Ortiz has agreed to maintain a minimum balance of $225,000 in its unrestricted demand deposits account. How much should Ortiz report as Cash in its December 31, 2011, balance sheet?