Stephen Latzka donated a building to Elizabeth City in 20X3. His original cost of the property was $100,000. Accumulated depreciation at the date of the gift amounted to $60,000.
Fair value at the date of the gift was $300,000. At what amount should Elizabeth City record this donated capital asset in its General Capital Assets accounts?

a. $300,000.

b. $100,000.

c. $40,000.

d. $0.