Excerpts from Dowling Company's December 31, 2024 and 2023, financial statements and key ratios are presented below (all dollar values are in millions):

	2024	2023
Accounts receivable (net)	$ 20	$ 16
Net sales	$ 115	$ 100
Cost of goods sold	$ 60	$ 55
Net income	$ 20	$ 17
Inventory turnover	5.22
Return on assets	10.3%
Equity multiplier	2.36

Dowling's average total assets for 2024 is closest to:

Multiple Choice

• $194.

• $115.

• $32.

• $210.