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Question(s) / Instruction(s):

A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported?

 
  • A long-term investment

 

 
  • An intangible asset

 

 
  • Property, plant, and equipment

 

 
  • Land expense

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