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Nichols Enterprises has an investment in $25,000$ 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 $$13$ per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $$25$ per bond. Nichols should carry the Elliott investment on its balance sheet at:

Multiple Choice

$$475,000,$ the midpoint of Nichols's range of reasonably likely valuations of Elliott.

$$325,000.$

Either $$325,000$ or $$625,000,$ as either are defensible valuations.

$$625,000.$