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A Company determined that the avoidable interest for a construction of building project was $118,000 and the actual interest was $210,000 at completion date.
A Company determined that the avoidable interest for a construction of building project was $118,000 and the actual interest was $210,000 at completion date. If total cash payments for the building was $2,000,000 and none of the interest was paid by year-end, which journal entry line(s) would be correct? Check ALL that apply. Debit Building for $2,118,000 Debit Interest Expense for $210,000 Debit Note Payable for $2,000,000 Credit Interest Payable for $92,000 Debit Building for $92,000 and $2,000,000
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