The town of Boone donated land to PB Scott Enterprises which plans to build a music venue on it$.$ If the land was donated without condition, how should PB Scott record the donation?

$$ Contribution revenue is recognized for the town of Boone's book value for the land.

$$ Land is debited for the fair market value of the land.

$$ Contribution revenue is recognized for the direct and indirect costs incurred in procuring the donation.

$$ Land is debited for $$1$ since no payment was made but the land should be reported on the balance sheet.