Which of the following statements pertaining to capital assets held by not-for-profit organizations is INCORRECT? Multiple Choice When a capital asset is donated, it is recorded at fair value. If a not-for-profit organization pays less than fair value, the capital asset is recorded at fair value and the difference between fair value and cost is recorded as a contribution. If fair value of the capital asset is not determinable, the capital asset is not recorded. Capital assets of limited useful life are to be amortized on a rational basis over their estimated useful lives.