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:

		$300,000.
		$250,000.
		Either $250,000 or $300,000, as either are defensible valuations.
		$275,000, the midpoint of Nichols's range of reasonably likely valuations of Elliott.