3. Data Company acquired a bond issued by Justice Company. Datas management elects to report this investment using the fair value option. Which of the following is incorrect with respect to the application of the fair value option

a. The election must be made very soon after acquiring the Justice bond

b. Management may change its mind with respect to making the election within two years from selecting the option

c. All unrealized holding gains and losses are reflected on the income statement

d. The bond will be recorded on the balance sheet at its fair value