What Happens to the Density of a Filled Water Balloon

What happens to the density of a filled water balloon as it is pulled to the bottom of the ocean?

A) The density of the filled water balloon does not change. The increase in pressure is offset by a decrease in water temperature.
B) The density of the filled water balloon decreases as more cold water surrounds the balloon at greater depth.
C) The density of the filled water balloon increases since the balloon is compressed to a smaller volume.
D) The density of the filled water balloon first increases because of a decrease in water temperature, then the density decreases at greater depths as the pressure increases.