The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift on the governmentwide financial statements?
a. A capital asset of $240,000 must be reported.
b. No capital asset will be reported.
c. If conditions are met, recording the sculpture as a capital asset is optional.
d. The sculpture will be recorded but only for the amount paid by the city.
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