On January 2, 20X2, a not-for-profit botanical society received a gift of an exhaustible fixed asset with

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On January 2, 20X2, a not-for-profit botanical society received a gift of an exhaustible fixed asset with an estimated useful life of 10 years and no salvage value.
The donor’s cost of this asset was $20,000, and its fair market value at the date of the gift was $30,000. What amount of depreciation of this asset should the society recognize in its 20X2 financial statements?

a. $3,000

b. $2,500

c. $2,000

d. $0

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