ty income and net income for the years ended March 31, 2005 as compared with the corresponding amounts which would have been recorded if the previous method had been followed. This change had no effect on segment information. (e)  The effect of this change was to increase cost of sales by ¥112,074 million ($1,047,421 thousand) and to decrease gross profit and selling, general and administrative expenses by the same amount for the year ended March 31, 2005. This change had no impact on operating income, income before income taxes and minori- Amounts in U.S. dollars are included solely for the convenience of the reader. The rate of ¥107 = US$1.00, the approximate rate of exchange in effect on March 31, 2005, has been used. The inclusion of such amounts is not intended to imply that yen amounts have been or could be readily converted, realized or settled in U.S. dollars at that or any other rate. 4. RECEIVABLES 3. U.S. DOLLAR AMOUNTS 6. PROPERTY, PLANT AND EQUIPMENT Nissan Annual Report 2004 79 Thousands of Millions of yen U.S. dollars 2004 2003 2004 As of Mar. 31, 2005 Mar. 31, 2004 Mar. 31, 2005 Land ......................................................................................................................................................................................................... ¥ 781,693 ¥ 759,640 $ 7,305,542 Buildings and structures ......................................................................................................................................................... 1,435,423 1,259,048 13,415,168 Machinery and equipment ..................................................................................................................................................... 4,995,081 4,158,336 46,683,000 Construction in progress ........................................................................................................................................................ 249,615 253,999 2,332,851 ¥7,461,812 ¥6,431,023 $69,736,561 Property, plant and equipment at March 31, 2005 and 2004 is summarized as follows: Thousands of Millions of yen U.S. dollars 2004 2003 2004 As of Mar. 31, 2005 Mar. 31, 2004 Mar. 31, 2005 Finished products ................................................................................................................................................................................... ¥502,032 ¥386,874 $4,691,888 Work in process and other .............................................................................................................................................................. 206,030 155,918 1,925,514 ............................................................................................................................................................................................................................... ¥708,062 ¥542,792 $6,617,402 Inventories at March 31, 2005 and 2004 were as follows: 5. INVENTORIES Finance receivables principally represent receivables from customers on loans made by financing subsidiaries in connection with sales of automobiles. Thousands of Millions of yen U.S. dollars 2004 2003 2004 As of Mar. 31, 2005 Mar. 31, 2004 Mar. 31, 2005 Notes and accounts receivable ......................................................................................................................................... ¥ 538,029 ¥ 462,716 $ 5,028,308 Finance receivables .................................................................................................................................................................... 3,026,788 2,203,174 28,287,738 Less allowance for doubtful receivables ................................................................................................................... (75,272) (63,014) (703,476) ..................................................................................................................................................................................................................... ¥3,489,545 ¥2,602,876 $32,612,570 Receivables at March 31, 2005 and 2004 consisted of the following: FINANCIAL SECTION