Bane Co. has the following assets on December 31, 2021:Land held for sale in the ordinary course of business 600,000Land held for long-term capital appreciation2,000,000Land held for a currently determined future use 500,000Land held for a future plant site 600,000Equipment leased out under a normal lease 100,000Building leased out under a finance lease1,900,000Building leased out under operating lease 750,000Right-of-use of asset relating to a building held by the entity and leased out under an operating lease1,200,000 Compute for the Total Amount of the Investment Property.

Investment property is land or a building (including part of a building) or both that is: (i) held…

Answered: Bane Co. has the following assets on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bane Co. has the following assets on December 31, 2021:

Land held for sale in the ordinary course of business	600,000
Land held for long-term capital appreciation	2,000,000
Land held for a currently determined future use	500,000
Land held for a future plant site	600,000
Equipment leased out under a normal lease	100,000
Building leased out under a finance lease	1,900,000
Building leased out under operating lease	750,000
Right-of-use of asset relating to a building held by the entity and leased out under an operating lease	1,200,000

Compute for the Total Amount of the Investment Property.

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