On May 1, Rolly Industries begins liquidation activities and adopts the liquidation basis of accounting. The book value of its reported assets total $700,000, including $15,000 in cash, and the book value of its liabilities, consisting of bank loans, total $600,000. Expected proceeds from reported assets other than cash are:

Receivables	$65,000
Inventories	$150,000
Plant and equipment	$250,000

Expected costs of liquidating assets are $25,000. The May 1 statement of net assets in liquidation reports total assets in the amount of:

Select one:

a. $700,000.

b. $480,000.

c. $465,000.