Question

Metlock, Inc. owns the following assets at December 31, 2020: Cash in bank savings account $47,100...

Metlock, Inc. owns the following assets at December 31, 2020:

Cash in bank savings account

$47,100

Chequing account balance

$30,000

Cash on hand

14,400

Postdated cheque from Ivanhoe Company

450

Refund due (overpayment of income taxes)

32,000

Cash in a foreign bank (CAD equivalent)

90,000

Preferred shares acquired shortly before their fixed maturity date

15,400

Debt instrument with a maturity date of three months from the date acquired

11,200

(a1)

If Metlock follows ASPE, what amount should be reported as cash and cash equivalents? (Do not leave any answer field blank. Enter 0 for amounts.)


(a2)

If Metlock follows IFRS what amount should be reported as cash and cash equivalents?

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