Final answer:
The statement `Land held for speculation is reported in the property, plant, and equipment section of the balance sheet` is FALSE
The answer is option ⇒2) False
Step-by-step explanation:
Land held for speculation is not reported in the property, plant, and equipment section of the balance sheet. Property, plant, and equipment typically include assets that are used in the operations of a business, such as buildings, machinery, and vehicles. These assets are expected to provide economic benefits over a long period of time.
On the other hand, land held for speculation is classified as an investment and is usually reported separately on the balance sheet. It falls under the category of non-current assets held for trading or non-current investments. The purpose of holding land for speculation is to generate profit from its potential increase in value rather than using it for operational purposes.
The answer is option ⇒2) False