Business, 07.05.2021 04:40 amandavelez12122005
On January 2, 2020, Oriole Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows:
January 2, 2020 $603000
September 1, 2020 1810800
December 31, 2020 1810800
March 31, 2021 1810800
September 30, 2021 1218000
Oriole Company borrowed $3300000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $13560000 in 7% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was: -
a. $474600
b. $158200
c. $482340
d. $120660
Answers: 1
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On January 2, 2020, Oriole Company began construction of a new citrus processing plant. The automate...
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