Nichols Enterprises has an investment in 26,000 shares of Elliott Electronics that Nichols accounts for as a security available for sale. Elliott shares are publicly traded on the New York Stock Exchange, and the Wall Street Journal quotes a price for those shares of $15/share, but Nichols believes the market has not appreciated the full value of the Elliott shares and that a more accurate price is $20/share. Nichols should carry the Elliott investment on its balance sheet at: a. $455,000, the midpoint of Nichols's range of reasonably likely valuations of Elliott. b. either $390,000 or $520,000, as either are defensible valuations. c. $520,000. d. $390,000