Problem 1. Ascending Company has the following balances for the year 2018: Postage stamps 3 month-Time deposit Coins and Currencies 3,000 10,000 15,000 50,000 BDO Savings Account Checks Postdated...

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Extracted text: Problem 1. Ascending Company has the following balances for the year 2018: Postage stamps 3 month-Time deposit Coins and Currencies 3,000 10,000 15,000 50,000 BDO Savings Account Checks Postdated customer checks 25,000 10,000 Sinking Fund Treasury bill purchased 12/1/2018, maturlng 2/28/2019 Money market instruments Plant Expansion Fund Money orders Petty cash fund Bank drafts 100,000 800,000 150,000 500,000 50,000 10,000 25,000 5,000 250,000 50,000 50,000 300,000 100,000 350,000 IOUS Treasury Bond, purchased 3/1/2018, maturing 2/28/2019 Preference share redemption fund Tax Fund Payroll Fund Certificate of Deposit Redeemable preference share, purchased 11/1/2018 due on 3/1/2019 1 How much shoutd be reported as CASH for the year 20182 2. How much should be reported as CASH EQUIVALENTS for the year 2018?