Investment Property: Recognition: The following are being considered for classification under Investment Property by ABC Retailer Incorporated. Which should be included and what is correct balance for the account? 30. Land held for undetermined use – P 4,000,000 Include Exclude 31. Manufacturing plant
Investment Property: Recognition: The following are being considered for classification under Investment Property by ABC Retailer Incorporated. Which should be included and what is correct balance for the account? 30. Land held for undetermined use – P 4,000,000 Include Exclude 31. Manufacturing plant
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Investment Property: Recognition: The following are being considered for classification under Investment Property by ABC Retailer Incorporated. Which should be included and what is correct balance for the account?
30. Land held for undetermined use – P 4,000,000
Include
Exclude
31. Manufacturing plant – P 5,000,000
Include
Exclude
32. Vehicles rented out for additional income – P 3,000,000
Include
Exclude
33. Land plus building under construction to be rented out under an operating lease – P6,000,000
Include
Exclude
34. Investment Property, balance
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