A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as: a. land expense. b. property, plant, and equipment. c. an intangible asset. d. a long-term investment.
A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as: a. land expense. b. property, plant, and equipment. c. an intangible asset. d. a long-term investment.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
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Problem 7E: Loban Company purchased four cars for 9,000 each and expects that they will be sold in 3 years for...
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A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as:
a. land expense.
b. property, plant, and equipment.
c. an intangible asset.
d. a long-term investment.
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