Nichols Enterprises has an investment in 29,000 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 $15 per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $23 per bond. Nichols should carry the Elliott investment on its balance sheet at: Multiple Choice Either $435,000 or $662,000, as either are defensible valuations. $667,000 $435.000 $551000, the midpoint of Nichols's range of reasonably likely valuations of Elliott