A Not-For-Profit Art Museum That Has Elected Not to Capitalize

A not-for-profit Art Museum that has elected not to capitalize its art collection receives a donation of a rare piece of Tlinket Indian art.The donor paid $8,000 for the piece several years ago.Today the piece has an estimated fair value of $50,000.What entry should the Art Museum make upon receipt of this donation?

A) Debit Collection items $50,000; Credit Donated revenue $50,000.
B) Debit Collection items $8,000; Credit Donated revenue $8,000.
C) Debit Collection items $50,000; Credit Unrestricted net assets $50,000.
D) No entry required.