Dealer Entity (DE) is a small car dealer that sells about 200 cars per year. DE recently purchased a used car to add to its inventory. Which one of the following is not a way in which the used car meets the Conceptual Frameworks defintion of an asset.

1. DE owns and controls the car
2. The car was purchased in the past
3. The car will be sold in the ordinary course of business
4. The sale of the car is expected to generate future benefits that will flow to the entity.