Nichols Enterprises Has an Investment in 25,000 Shares of Elliott

Nichols Enterprises has an investment in 25,000 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 $10/share, but Nichols believes the market has not appreciated the full value of the Elliott shares and that a more accurate price is $12/share. Nichols should carry the Elliott investment on their balance sheet at:

A) $300,000.
B) $250,000.
C) either $250,000 or $300,000, as either are defensible valuations.
D) $275,000, the midpoint of Nichols's range of reasonably likely valuations of Elliott.