Ulon is a legal entity that provides leasing services. It was formed with an investment of $75 million, of which $65 million was financed by debt, and the remainder was provided by outside equity interests. Qualitative analysis is inconclusive in determining whether Ulon is a variable interest entity. Quantitative analysis indicates that Ulon's expected future cash flows are as follows, in millions (assume a one-year time frame, with cash flows occurring at the end of the year): Expected Cash Flows: $108MM, Probability 0.50 or $72MM, Probability 0.50. A risk-adjusted discount rate of 20% is appropriate. Is Ulon likely to be a variable interest entity, per U.S. GAAP? a. No, because the equity interest is more than 10% of total financing. b. Yes, because the equity interest is less than expected losses of $15 million. c. No, because the equity interest is more than expected losses of $7.5 million. d. Yes, because the equity interest is more than 10% of total assets. a. No, because the equity interest is more than 10% of total financing. b. Yes, because the equity interest is less than expected losses of $15 million. c. No, because the equity interest is more than expected losses of $7.5 million. d. Yes, because the equity interest is more than 10% of total assets