Drye Township Has Received a Donation of a Rare Painting

Multiple Choice

Drye Township has received a donation of a rare painting worth $1,000,000.For Drye's government-wide financial statements, three criteria must be met before Drye can opt not to recognize the painting as an asset.Which of the following is not one of the three criteria? (1.) The painting is held for public exhibition, education, or research in furtherance of public service, rather than financial gain.
(2) ) The painting is scheduled to be sold immediately at auction.
(3) ) The painting is protected, kept unencumbered, cared for, and preserved.

A) Item 1 is not one of the three criteria.
B) Item 2 is not one of the three criteria.
C) Item 3 is not one of the three criteria.
D) All three items are required criteria.
E) None of the three items are required criteria.