A Donor Gave Artwork to a Nongovernmental, Not-For-Profit Museum

A donor gave artwork to a nongovernmental, not-for-profit museum. The artwork qualified as a "collection," under FASB rules. The not-for-profit could:

A) Record the artwork at its fair market value at the time of receipt as an increase in permanently restricted net assets
B) Not record the artwork, but provide information about the artwork in the footnotes
C) Do either of the above, depending upon the policy of the not-for-profit
D) Record the artwork as both a contribution and an expense