Ravens Inc. considered two contingencies at the end of 2016:

** a probable loss in the range of $300,000 to $500,000

** a reasonably possible loss of $150,000

Under U.S. GAAP, what is the balance for contingent liabilities at the end of 2016?

A)$550,000

B)$400,000

C)$450,000

D)$300,000