The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following statements is true about reporting a revenue in connection with this gift within the government-wide financial statements?

Multiple Choice

• As a gift, no revenue is ever reported.

• Revenue is reported but only if the asset is reported.

• If the asset is not capitalized, the city recognizes no revenue.

• A revenue will be reported if all eligibility requirements are fulfilled.