Gin Art Gallery received several paintings on 15^th December 2020 donated by Cameron Hudson, a reputable modern artist. Three days before the paintings were received by the gallery, five experts finished their art appraisals. The consensus estimated value of all donated paintings is $3,000,000. The gallery charges visitors an entrance fee of $25 per person, and more visitors will attend the gallery because of these paintings.

Required:

Should the $3,000,000 be recorded as an asset in Gin Art Gallerys Balance Sheet at the end of December 2020? Explain, using the definition and recognition criteria of asset in your explanation.