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| Nack City received a donation of a valuable painting. Nack planned to add the painting to its collection and display it in the protected exhibition area of city hall. Nack had a policy that if such donated art works were sold, the proceeds would be used to acquire other items for its collections. Which of the following would be correct regarding the donated painting? A. Must be capitalized but not depreciated. B. Must be capitalized and depreciated. C. May be capitalized, but it is not required, and it must be depreciated. D. May be capitalized, but it is not required, and depreciation is not required. |