Total value of land and building is OMR 360,000 as on June 2021.The company uses only OMR 300,000 worth of land and building in its’ operating activities. How the land and building should be reported in the classified statement of financial position? a. Property, plant and equipment OMR 300,000 and long term investment OMR 60,000 b. Long term investment OMR 360,000 c. Property, plant and equipment OMR 60,000 and long term investment OMR 300,000 d. Property, plant and equipment OMR 360,000
Total value of land and building is OMR 360,000 as on June 2021.The company uses only OMR 300,000 worth of land and building in its’ operating activities. How the land and building should be reported in the classified statement of financial position? a. Property, plant and equipment OMR 300,000 and long term investment OMR 60,000 b. Long term investment OMR 360,000 c. Property, plant and equipment OMR 60,000 and long term investment OMR 300,000 d. Property, plant and equipment OMR 360,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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40-Total value of land and building is OMR 360,000 as on June 2021.The company uses only OMR 300,000 worth of land and building in its’ operating activities. How the land and building should be reported in the classified statement of financial position?
a.
Property, plant and equipment OMR 300,000 and long term investment OMR 60,000
b.
Long term investment OMR 360,000
c.
Property, plant and equipment OMR 60,000 and long term investment OMR 300,000
d.
Property, plant and equipment OMR 360,000
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