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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