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Burr Company had the following account balances at December 31, year 2:
Cash in banks $2,250,000
Cash on hand 125,000
Cash legally restricted for additions to plant (expected to be disbursed in year 3) 1,600,000
Cash in banks includes $600,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Burr. In the current assets section of Burr’s December 31, year 2 balance sheet, total cash should be reported at