4. Friends of the Forest received a donation of marketable equity securities from a member. The securities had appreciated in value after they were purchased by the donor, and they continued to...

4. Friends of the Forest received a donation of marketable equity securities from a member. The securities had appreciated in value after they were purchased by the donor, and they continued to appreciate through the end of Friends of the Forest’s fiscal year. At what amount should Friends of the Forest report its investment in marketable equity securities in its year-end balance sheet?

a. Donor’s cost

b. Fair value at the date of receipt

c. Fair value at the balance sheet date

d. Fair value at either the date of receipt or the balance sheet date