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Problem 1-16 (AICPA Adapted) Aruba Company had a checkbook balance on December 2019 of P8,000,000 and held the following items 1 31, in the safe: Check payable to Aruba, dated January 5,2020 included in Deoember 31 checkbook balance 2,000,000 Checkpayable to Aruba, deposited December 20, and included in December 31 checkbook balance, but returned by bank on December 30, stamped "NSF". The check was redeposited January 2,2020, - and cleared January 3,2020 500,000 Check drawn on Aruba's account and payable to a vendor dated and recorded December 31 but not mailed until January 15, 2020 1,500,000 Cash on hand- undeposited collections Change fund Time deposit for plant expansion Treasury bill Money market placement Postage stamps unused 400,000 40,000 1,000,000 2,500,000 3,000,000 10,000 1. What total amount should be reported as cash on December 31, 2019? a. 7,400,000 b. 7,440,000 c. 8,440,000 d. 7,450,000 2. What total amount should be reported as cash equivalents on December 31, 2019? a. 6,500,000 b. 3,000,000 c. 5,500,000 d. 2,500,000 29