Which one of the following items would most likely not be incorporated into the calculation of a division’s investment base when using the residual income approach for performance measurement and evaluation?

Fixed assets employed in divisional operations Vacant land being held by the division as a potential site for a new plant Divisional inventories when division management exercises control over the inventory levels Divisional accounts payable when division management exercises control over the amount of short-term credit Divisional accounts receivable when division management exercises control over credit policy and credit terms: 695