During the Current Year, a Corporation Purchased a Parcel of Land

Multiple Choice

During the current year, a corporation purchased a parcel of land located in downtown Winnipeg. The company is not currently operating in Manitoba. However, the management expects to be operating at that location within twenty years. If the company does not buy the land now, it would be unable to find suitable land when needed later. The land should be classified on the current balance sheet under the caption:

A) Capital assets.
B) Other assets.
C) Deferred charges.
D) Investments.
E) Current assets.