Candy Co. had the following transactions with affiliated parties during Year 20x1: sales of $60,000 to Denver Inc., with $20,000 gross profit. Denver had $15,000 of inventory on hand at year-end. Candy owns a 15% interest in Denver and does not exert significant influence. Secondly, there were purchases of raw materials totaling $240,000 from Kiwi Corp., a wholly owned subsidiary. Kiwi's gross profit on the sale was $48,000. Candy had $60,000 of this inventory remaining on December 31, 20x1. Before eliminating entries, Candy had consolidated current assets of $320,000. Which amount should Candy report in its December 31, 20x1, consolidated balance sheet for current assets?
a $320,000
b $317,000
c $308,000
d $303,000