As a result of its annual fundraising program, a nonprofit receives pledges in the amount of $300,000 during December, the last month of its reporting period. Based on its previous history regarding pledges, the nonprofit believes that about $175,000 will be collected in the first 60 days of the next fiscal year; $24,500 will trickle in during the rest of the next fiscal year; and $10,500 will not be collected at all. How much should the nonprofit report as net contributions receivable on its current period financial statements?

Select one:

a. $199,500

b. $210,000

c. $175,000

d. $0