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3) Daemon Company had the following account balances on December 31, 2021: Petty cash fund 50,000 Cash on hand 500,000 Cash in bank-current account 4,000,000 Cash in bank-payroll account 1,200,000 Cash in bank-sinking fund 2,000,000 Cash in bank-restricted account for plant addition and expected to be disbursed in 2022 1,500,000 Treasury bills 1,000,000 The petty cash fund included unreplenished December 2021 petty cash expense vouchers P6,000 and employee IOU P5,000. The cash on hand included a P100,000 customer check payable to Daemon dated January 15, 2022. In exchange for a guaranteed line of credit, the entity has agreed to maintain a minimum balance of P200,000 in the unrestricted current bank account. The bond sinking fund is set aside to settle bonds payable due on December 31, 2022. What total amount should be reported as cash and cash equivalents on December 31, 2021? a. 8,640,000 b. 7,440,000 c. 7,640,000 d. 5,640,0004) Rhaenyra Company provided the following information on December 31, 2021: Cash on hand 200,000 Philippine Bank current account 5,000,000 Manila Bank current account No. 1 4,000,000 Manila Bank current account No. 2 (bank overdraft) (500,000) BDO saving account set aside for bond payable due December 31, 2023 3,000,000 Asia Bank saving account for equipment acquisition 250,000 Asia Bank time deposit, 90 days 2,000,000 Included among the checks drawn by the entity against the Philippine Bank current account and recorded in December 2021 are: Check written and dated December 23, 2021 and delivered to payee on January 3, 2022, P100,000. Check written December 23, 2021, dated January 30, 2022 delivered to payee on December 28, 2021, P150,000. What total amount should be reported as cash and cash equivalents on December 31, 2021? a 11,950,000 b. 12,450,000 C. 14,950,000 d. 10,950,000 e . none of the above