Lumber plc is a diversified company, owning four properties in the South-West. a Property Details An office building in Exeter. Lumber plc leases the entire building to a professional services company and also provides security services to the lessee who occupies this building. b A hotel building in Falmouth. Lumber plc leases the hotel building to a local hotel operator. The contract provides that Lumber plc receive a fixed monthly rental, 50% of votes regarding management of the hotel and a 20% share in hotel profits. C A 10-story building in Bristol. Lumber plc leases out 3 floors and uses the top 7 floors as the entity's head office. It is not possible to sell any of the floors separately. d A small retail park outside Truro. The retail park has five separate units. Lumber plc occupies one of the units and leases the other four units to various retailers. Required: Briefly explain, with reasons, how Lumber plc should classify each of these properties for reporting purposes in accordance with the International Financial Reporting Standards. Lumber plc is a diversified company, owning four properties in the South-West. a Property Details An office building in Exeter. Lumber plc leases the entire building to a professional services company and also provides security services to the lessee who occupies this building. b A hotel building in Falmouth. Lumber plc leases the hotel building to a local hotel operator. The contract provides that Lumber plc receive a fixed monthly rental, 50% of votes regarding management of the hotel and a 20% share in hotel profits. C A 10-story building in Bristol. Lumber plc leases out 3 floors and uses the top 7 floors as the entity's head office. It is not possible to sell any of the floors separately. d A small retail park outside Truro. The retail park has five separate units. Lumber plc occupies one of the units and leases the other four units to various retailers. Required: Briefly explain, with reasons, how Lumber plc should classify each of these properties for reporting purposes in accordance with the International Financial Reporting Standards