Among the assets of Lucas Company on December 31, 2021 are the following: Land held for long-term capital appreciation 3,500,000 Land held for a currently undetermined future use 5,700,000 Building included in inventory 16,600,000 Land held for long-term speculation 1,400,000 Equipment leased out under an operating lease 500,000 Building rented out under finance lease 10,900,000 Land owned by the entity and leased out under an operating lease 7.800,000 Building owned by the entity and leased out under operating lease 11,800,000 Land held for future site 5,600,000 Building that is currently vacant but is held to be leased out under various operating lease 7,100,000 Building being constructed on behalf of third parties 11,100,000 Warehouse that is currently being developed, to be used as investment property 9,700,000 How much is classified as investment property?
Among the assets of Lucas Company on December 31, 2021 are the following: Land held for long-term capital appreciation 3,500,000 Land held for a currently undetermined future use 5,700,000 Building included in inventory 16,600,000 Land held for long-term speculation 1,400,000 Equipment leased out under an operating lease 500,000 Building rented out under finance lease 10,900,000 Land owned by the entity and leased out under an operating lease 7.800,000 Building owned by the entity and leased out under operating lease 11,800,000 Land held for future site 5,600,000 Building that is currently vacant but is held to be leased out under various operating lease 7,100,000 Building being constructed on behalf of third parties 11,100,000 Warehouse that is currently being developed, to be used as investment property 9,700,000 How much is classified as investment property?
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
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
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Among the assets of Lucas Company on December 31, 2021 are the following:
Land held for long-term capital appreciation 3,500,000
Land held for a currently undetermined future use 5,700,000
Building included in inventory 16,600,000
Land held for long-term speculation 1,400,000
Equipment leased out under an operating lease 500,000
Building rented out under finance lease 10,900,000
Land owned by the entity and leased out under an
operating lease 7.800,000
Building owned by the entity and leased out under
operating lease 11,800,000
Land held for future site 5,600,000
Building that is currently vacant but is held to be leased
out under various operating lease 7,100,000
Building being constructed on behalf of third parties 11,100,000
Warehouse that is currently being developed, to be used as
investment property 9,700,000
How much is classified as investment property?
Land held for long-term capital appreciation 3,500,000
Land held for a currently undetermined future use 5,700,000
Building included in inventory 16,600,000
Land held for long-term speculation 1,400,000
Equipment leased out under an operating lease 500,000
Building rented out under finance lease 10,900,000
Land owned by the entity and leased out under an
operating lease 7.800,000
Building owned by the entity and leased out under
operating lease 11,800,000
Land held for future site 5,600,000
Building that is currently vacant but is held to be leased
out under various operating lease 7,100,000
Building being constructed on behalf of third parties 11,100,000
Warehouse that is currently being developed, to be used as
investment property 9,700,000
How much is classified as investment property?
a. 41,800,000
b. 51,500,000
c. 38,000,000
d. 47,000,000
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