Nichols Enterprises has an investment in 32,000 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 $25 per bond. Nichols should carry the Elliott investment on its balance sheet at: Multiple Choice $480,000. $800,000. $640,000, the midpoint of Nichols's range of reasonably likely valuations of Elliott. Either $480,000 or $800,000, as either are defensible valuations