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What the correct amount reported under the land account is

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In preparing the 2021 draft financial statement of ALICE Company, the Land account of P8,000,000 to be reported under Property, Plant and Equipment included the following items:

  • P400,000 held for long-term capital appreciation
  • P250,000 held for sale in the ordinary course of business
  • P275,000 grazing ground for cattle
  • P300,000 held for a currently undetermined future use

Problem 1: The correct amount reported under the Land account included in the Property, Plant & Equipment section is

Reference no: EM132984612

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