Does a licensee have to record firearms acquired prior to obtaining the license in their acquisition and disposition record?

Firearms acquired by a licensee prior to obtaining a license must be recorded as business inventory in the acquisition and disposition (A&D) record if the licensee intends to sell the firearm.

All firearms acquired after obtaining a firearms license must be recorded as an acquisition in the A&D record as business inventory.

[18 U.S.C. 923(c); 27 CFR 478.125a]