Which of the following statements is true about property, plant, and equipment (PPE) assets that are purchased by a government? Select one:

A. They are recorded as assets in fund-based financial statements, but are not depreciated since useful lives cannot be determined. B. They are recorded as assets in fund-based financial statements and are depreciated over their estimated useful lives. C. They are not recorded as assets in fund-based financial statements D. They are reported at fair value at each statement date in fund-based financial statements