A company has purchased a tract of land. It expects to build a production plant on the land in…

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A company has purchased a tract of land. It expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. The land should be reported as:

a. property, plant, and equipment.

b. land expense.

c. a long-term investment.

d. an intangible asset.

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