Answer
Land (held as an investment) should be recorded under the investments section, and the terminology used should be “Land (held as an investment).”
Work Step by Step
Note that this is not a current asset.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 5 - Balance Sheet and Statement of Cash Flows - Questions - Page 279: 15c
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