Leonard Company uses the gross method to record sales made on credit. On August 21, 2020, it sold goods worth $450,000 with terms 3/10, n/30 to Moorman Inc. On August 26, 2020, Leonard received payment for 1/3 of the amount due from Moorman Inc. Leonards fiscal year end is on August 31, 2020. What amount will be reported in the financial statements for the accounts receivable due from Moorman Inc.?

a.

$300,000

b.

$291,000

c.

$436,500

d.

$450,000