Quicksand Investment Company bought 10,000 lottery tickets for what they thought was a surefire investment. Each ticket cost one dollar and pays $10 if it wins, zero otherwise. The probability of a single lottery ticket winning is only 1%. The drawing will occur next week but the firm must prepare its financial statements today.

b. Is the companys total investment in lottery tickets an accounting asset? If so, what amount would be recognized as an asset under GAAP?