2.1 The Classified Balance Sheet Mason Corporation purchased a piece of land 5 years ago when the price of land was low. It plans to develop the land into a new facility when their current facility reaches its production limit, which it estimates will be in 4 years. On their classified balance sheet, Mason Corporation would classify this land as O property, plant, and equipment. O a current asset. O an intangible asset. O a long-term investment. Save for Later Submit Answer

Mason Corporation purchased a piece of land 5 years ago when the price of land was low. It plans to develop the land into a new facility when their current faclity reaches its production limit, which it estimates will be in 4 years. On their classified balance sheet, Mason Corporation would classify this land as property, plant, and equipment. acurrent asset. an intangible asset. a long-term investment