Ford Products transferred $300,000 of accounts receivable to a newly established subsidiary whose sole purpose was to buy and factor accounts receivable from Ford. Ford received a 65 percent interest in the subsidiary while another company contributed $140,000 cash to be a 35 percent owner. During the first year, the subsidiary reported $320,000 of revenue, $240,000 of expenses, and paid $48,000 of cash dividends. At what value will this variable interest entity be reported on Ford Products balance sheet at year end, immediately prior to consolidation?

$320,800

$264,800

$351,200

$240,000