E$7\mathrm{.}1($LO $2)($Determining Cash Balance$)$ The controller for Fashion Co$.$ is trying to determine the amount of cash to report on the December $31,2023$ statement of financial position. The following information is provided: $1.$ A commercial savings account with $$600,000$ and a commercial chequing account balance of $$900,000$ are held at First National Bank. There is also a bank overdraft of $$35,000$ in a chequing account at the Royal Scotia Bank. No other accounts are held at the Royal Scotia Bank. $2.$ Fashion has agreed to maintain a cash balance of $$100,000$ at all times in its chequing account at First National Bank to ensure that credit is available in the future. $3.$ Fashion has a $$5-$million investment in a Commercial Bank of Montreal money$-$market mutual fund. This fund has chequing account privileges. $4.$ There are travel advances of $$18,000$ for executive travel for the first quarter of next year. $($Employees will complete expense reports after they travel.$)5.$ A separate cash fund in the amount of $$1\mathrm{.}5$ million is restricted for the retirement of long$-$term debt. $6.$ There is a petty cash fund of $$3,000.7.$ A $$1,900$ IOU from Marianne Koch, a company officer, will be withheld from her salary in January $2024.8.$ There are $20$ cash floats for retail operation cash registers: $8$ at $$475$ and $12$ at $$600.9.$ The company has two certificates of deposit, each for $$500,000.$ These certificates of deposit each had a maturity of $120$ days when they were acquired. One was purchased on October $15$ and the other on December $27.10.$ Fashion has received a cheque dated January $12,2024,$ in the amount of $$25,000$ from a customer owing funds at December $31.$ It has also received a cheque dated January $8,2024,$ in the amount of $$11,500$ from a customer as an advance on an order that was placed on December $29$ and will be delivered February $1,2024.11.$ Fashion holds $$2\mathrm{.}1$ million of commercial paper of Rocco Leone Co$.,$ which is due in $60$ days