Nichols Enterprises has an investment in 28 500 bonds of Elliott Electronics that Nichols accounts for as a security available for sale Ellott bonds are publicly traded and the Wall Street Joumal quotes a price for those bonds of $14 per bond, but Nichols believes the market has not appreciated the full value of the Eo bonds and that a more accurate price is $23 per bond. Nichols should carry the Elliott investment on its balance sheet at: $399 000 5527 250 the midpoint of Nichols's range of reasonably likely valuations of Elliott Elher $399.000 or 5655.500 as either are defensible valuations 5655.500