A city enters into a public-private partnership with a private corporation. It transfers its tolled bridge to the corporation in exchange for an upfront payment of $50 million cash. The corporation will maintain the bridge and will have the right to all tolls for the next 50 years, after which time the bridge will revert back to the city. The city, however, will retain the right to approve any changes in the toll rates. At the time of transfer of the bridge, the city reported the bridge on its financial statements at a depreciated value of $8 million. At the time of transfer, the city should
a. Recognize revenue of $50 million.
b. Recognize a deferred inflow of resources of $50 million and should continue to report and depreciate the bridge as it did previously.
c. Report a gain on sale of $42 million.

d. Recognize a deferred inflow of resources of $50 million and a corresponding right-to-use asset of the same amount.