Exercise 7-4 (Algo) Bank overdrafts [LO7-2, 7-10] Skip to question [The following information applies to the questions displayed below.] Parker Inc. has the following cash balances: First Bank: $ 290,000 Second Bank: (30,000 ) Third Bank: 39,000 Fourth Bank: (15,000 ) Exercise 7-4 (Algo) Part - 1 Required:

1. Prepare the current assets and current liabilities section of Parkers 2021 balance sheet, assuming Parker reports under U.S. GAAP. (If there is no effect select "None" from the dropdown.)

2. Prepare the current assets and current liabilities section of Parkers 2021 balance sheet, assuming Parker reports under IFRS. (If there is no effect select "None" from the dropdown.)