Nichols Enterprises has an investment in 32,500 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 $12 per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $20 per bond. Nichols should carry the Elliott investment on its balance sheet at