Rose project is a nongovernmental not-for-profit entity established to runaway children. every year, rose holds a charity benefit at which participants are asked to make pledges. this year, rose received the following pledges: unrestricted $500,000 restricted for counseling programs 200,000 the pledges are legally binding and are expected to be received within the next 12 months. rose estimates that 5% of the pledges will be uncollectible. at what amount should the pledges be reported on rose’s statement of financial position as pledges receivable?

a. $700,000
b. $665,000
c. $475,000
d. $190,000