On January 1, 2022, Kam Co. purchases bonds issued by the Central Bank of Midland. Kam purchases debt investments that it plans to manage on a held-for-collection basis (and account for at amortized cost). Kam also manages and evaluates this investment in conjunction with a related liability that is measured at fair value. Kam plans to hold the debt investment until it matures in five years. At December 31, 2022, the amortized cost of this investment is 200,000; its fair value at December 31, 2022, is 226,000. If Kam chooses the fair value option to account for this investment, when must the election be made and at what value will the bond investment be reported on the December 31, 2022 statement of financial position?

a. January 1, 2022; 200,000

b. December 31, 2022; 226,000

c. January 1, 2022; 226,000

d. December 31, 2022; 200,000