Answer
The answer is letter "C"
Work Step by Step
The land should be recorded as a long-term investment. The reason is the tract of land is considered as a long-term asset because the expectation is to be built in 5 years.
Accounting: Tools for Business Decision Making, 5th Edition
by Kimmel, Paul D.; Weygandt, Jerry J.; Kieso, Donald E.
Published by
Wiley
ISBN 10:
1118128168
ISBN 13:
978-1-11812-816-9
Chapter 2 - A Further Look at Financial Statements - Self-Test Questions - Page 73: 4
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