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What amount should be reported as cash and cash equivalents

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On December 31, 2019, Lamentable Company had the following cash balances:

Cash in bank - current account 6,000,000

Petty cash fund (all funds were reimbursed at year-end) 50,000

Time deposit - three months, due Jan 15, 2020 2,500,000

Saving deposit 1,000,000

Cash in bank included P400,000 of compensating balance against short term borrowing arrangement.

The compensating balance is legally restricted as to withdrawal.

Question 1: What amount should be reported as cash and cash equivalents?

Reference no: EM132823899

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