Nichols Enterprises has an investment in 31,500 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 a share, but Nichols believes the market has not appreciated the full value of the Elliott shares and that a more accurate price is $18 a share. Nichols should carry the Elliott investment on its balance sheet at:

a. Either $472,500 or $567,000, as either are defensible valuations

b. $567,000.

c. $519,750, the midpoint of Nichols's range of reasonably likely valuations of Elliott.

d. $472,500.