Activision Blizzard Inc. invested in 34,500 bonds of Global Partners and classified them as available-for-sale (AFS) securities.

• Global Partners bonds are publicly traded.
• The fair value for those bonds as of the balance sheet date is $12 per bond.
• Activision Blizzard Inc., however, believes the market has not appreciated to the full value of the Global Partners bonds. It believes that a more accurate price is $20 per bond.

Activision Blizzard Inc. should carry the Global Partners investment on its balance sheet at:

Multiple Choice

• $414,000.

• $552,000, the midpoint of Nichols's range of reasonably likely valuations of Elliott.

• $690,000.