A Local Citizen Donated Land to the County Government

Multiple Choice

A local citizen donated land to the county government. It estimates that it could have purchased the same or similar land for $500,000. The donor had paid $550,000 for the land five years ago. The county incurred $150,000 in development costs to convert the land into a public park. The county should capitalize the new public park in the General Capital Assets accounts in the amount of

A) $500,000.
B) $550,000.
C) $650,000.
D) $700,000.