What is the total investment property that should be reported in the consolidated statement of financial position of the parent and its subsidiaries?
MMM Company and its subsidiaries own the following properties at year end: Land held by MMM for undetermined use = 5,000,000; A vacant building owned by MMM and to be leased out under an operating lease = 3,000,000; Property held by a subsidiary of MMM, a real estate firm in the ordinary course of business = 2,000,000; Property held by MMM for use in production = 4,000,000; Building owned by a subsidiary of MMM and for which the subsidiary provides security and maintenance services to the lessees = 1,500,000; Land leased by MMM to a subsidiary under an operating lease = 2,500,000; Property under construction for use as investment property = 6,000,000; Land held for future factory site = 3,500,000; Machinery leased out by MMM to an unrelated party under an operating lease = 1,000,000. What is the total investment property that should be reported in the consolidated
Step by step
Solved in 2 steps with 2 images
