Non-current  assets are classified as assets held for sale if their carrying amount will be recovered principally through a  sale transaction rather than through continuing use. For this to be the case  the sale must be highly probable  assets  must be available for immediate sale in their present condition  and management must be committed to a plan to sell  assets  that should be expected to close within one year from the date of classification. Assets held for sale are recognized  at  the lower  of  their carrying amount and  fair  value  less  costs to sell. They are not  depreciated. The  Corporation's investment in its associate is accounted for using the equity method. An associate is an entity in which  the  Corporation  has  significant influence. The  Corporation has an interest in a joint venture  whereby the venturers have a contractual agreement that establishes  joint control over the economic activities of the entity .  This investment is accounted for using the equity method. The  Corporation's  share in the joint venture's earnings is recorded in the cost of sales and operating expenses. The financial  information  related to this investment is not material and  is  not presented separately. Fixed assets are recorded at cost. Principal components of a fixed asset with dif ferent  useful lives are depreciated  separately . Buildings and equipment are depreciated on a straight-line basis over their useful lives. Leasehold  improvements are depreciated on a straight-line basis over the shorter of their estimated useful lives or the remaining  lease term.  The depreciation  method  and estimate  of  useful  lives are  reviewed  annually . Leases are classified as finance leases if substantially all risks and rewards incidental to ownership are transferred to  the lessee.  At  the moment of initial recognition  the lessee records the leased item as an asset at the lower of the fair  value  of the asset and the present value of the minimum lease payments. A corresponding liability to the lessor is recorded  in the consolidated statement of financial position as a finance lease obligation. In subsequent periods  the asset is  depreciated on a straight-line basis over the term of the lease and interest on the obligation is expensed through net  earnings. Leases  are classified as operating leases if substantially all risks and rewards incidental to ownership are not transferred  to  the lessee. The lease  payments  are recognized  as  an expense  on  a straight-line  basis  over the lease term. Investment properties are held for capital appreciation and to earn rentals. They are not occupied by the owner for its  ordinary activities. They are recognized at cost. Principal components  except for land which is not depreciated  are  depreciated on a straight-line basis over their respective useful lives which vary from 20 to 50 years.  The  depreciation  method  and  estimates  of useful lives  are  reviewed annually. Investment properties Leases Fixed assets Investment in a joint venture Investment in an associate Assets held for sale Notes to consolidated financial statements  September 27  2014 and September 28  2013 (Millions of dollars  unless otherwise indicated) Buildings 20 to 50 years Equipment 3 to 20 years Leasehold improvements 5 to 20 years - 49 -