12. The City of Wilson receives a large piece of 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 government-wide 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.