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Ravens Inc. considered two contingencies at the end of 2016: ** a probable loss in the range of $300,000 to $500,000 ** a reasonably possible loss of...

Ravens Inc. considered two contingencies at the end of 2016:

** a probable loss in the range of $300,000 to $500,000

** a reasonably possible loss of $150,000

Under U.S. GAAP, what is the balance for contingent liabilities at the end of 2016? 

A) $550,000

B) $400,000

C) $450,000

D) $300,000

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