Question
Montgomery Industries spent $650,000 in 2020 on a construction project to build a library. Montgomery also capitalized $32,500 of interest on the project in 2020.
Montgomery Industries spent $650,000 in 2020 on a construction project to build a library. Montgomery also capitalized $32,500 of interest on the project in 2020. Montgomery financed 100% of the construction with a 8% construction loan. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows:
| Feb. 28 | $ | 94,500 | |
| Apr. 30 | 184,500 | ||
| Jul. 1 | 40,500 | ||
| Sept. 30 | 68,500 | ||
Required: Determine the completed cost of the library. (Do not round intermediate calculations.)
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Intermediate Accounting
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Volume 1, 6th Edition
1259103250, 978-1259103254, 978-0071339476
