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