Q 2.3: 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

On their classified balance sheet, Mason Corporation would classify this land as "a long term investment".

A long-term investment refers to an account on the asset side of an organization's monetary record that speaks to the organization's speculations, including stocks, bonds, land and money, that it expects to hold for over a year. The long-term investment account varies to a great extent from the short-term investment in that the transient speculations will no doubt be sold, while the long haul speculations may never be sold.