Gregory Farms (GF) provides agricultural programs to local youth. To support this program, the local municipality donated a tractor to the organization with a fair value of $30,000 and a book value to the municipality of $40,000. GF will incur minor repairs of $500 to prepare it for use. GF reports under ASPE. At what value should GF record this non-monetary grant?

Question options:

A	$30,000.
B	$40,000.
C	$500.
D	The grant is not recorded.