Nichols Enterprises Has an Investment in 250 Bonds of Elliott

Nichols Enterprises has an investment in 250 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 $1,000 per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $1,200 per bond. Nichols should carry the Elliott investment on its 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' range of reasonably likely valuations of Elliott.