20) Nichols Enterprises has an investment in 250 bonds of Elliott Electronics that Nichols accounts for as a security available-for-sale. Elliott bonds are publicly traded, and The Wall Street Journal quotes a price for those bonds of $1,000 per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $1,200 per bond. Nichols should carry the Elliott investment on its balance sheet at: A) $300,000. B) $250,000. Q Either $250,000 or $300,000, as either are defensible valuations. D) $275,000, the midpoint of Nichols's range of reasonably likely valuations of Elliott. 12) Outstanding stock represents shares of stock that A) have been authorized by state law B) have been issued but may or may not be held by stockholders C) are held by the stockholders D) give the owners certain advantages