Question
Agasse Industries began construction of a new facility and took out a $1,500,000, 8% construction loan on April 1, 2016. Agasse made payments to the
| Agasse Industries began construction of a new facility and took out a $1,500,000, 8% construction loan on April 1, 2016. Agasse made payments to the general contractor of $481,000 on April 1, $981,000 on August 31, and $581,000 on December 31. |
| Required: |
| Compute the amount of interest that Agasse would capitalize in 2016. (Do not round intermediate calculations.) |
Amount of Interest________
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
20th edition
77729145, 978-1259295430, 1259295435, 978-0077729141
