Question 25(i want only text answer and brief explanation). The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Assume that the city reports the work as a capital asset. Which of the following is true? select the right answer? a. Depreciation is not recorded because the city has no cost. b. Depreciation is not required if the asset is viewed as being inexhaustible. c. Depreciation must be recognized because the asset is capitalized. d. Because the property was received as a gift, recognition of depreciation is optional