December 31, 2018, san Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of for $800,000. San Antonio pald $200,000 and signed a noninterest-bearng note requiring the compan search, insurance, and other closing costs totaling $20,000 were paid at closing Construction of a new building began on May 1 and was completed on October 29C time value of money for this type of loan agreement Title was demolished at a cost of $70,000, and an additional $50,000 was paid to clear and grade the land onstruction expenditures were as follows. (EY of S1. EVAOSi. PVA Of.S1, EVAD O1 S1 and PVAD of S) (Use eppropriete factor(s) from the tables provided Early in its fiscal year ending December 31, 2018, San Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city. The land and existing building were purchased for $800,000. San Antonio paid $200,000 and signed a noninterest-bearing note requiring the company to pay the remaining $600,000 on March 28, 2020. An interest rate of 8% properly reflects the time value or money for this type of loan agreement Title search, insurance, and other closing costs totaling $20,000 were paid at closing Durting Aprit, the old bulding was demolished at a cost of $70,000, and an additional $50.000 was paid to clear and grade the land Construction of a new building began on May 1 and was completed on October 29. Construction expenditures were as follows: (EY of 51. PY. ot.Si. EVA Ot.Si. PVA.of.S1. EVAD.of S1 and PVAD.OLS) (Use appropriate factor(s) from the tables provided.) $1,200,00 1,590,000 900,900 1,880,800 July 30 September October 1 San Antono borrowed S3,000,000 at 8% on May 1 to help finance construction. This ban, plus interest, will be paid in 2019 The company also had the tollowing debt outstanding throughout 2018 $2,000, , 9% long-tern note payable $4,000,0a0, 6 long-ters bonds payable in November, the company purchased 10 identical pleces of equipment and office furniture and fixtures for a $600,000. The far values of the San Antonio paid a contractor S lump-sum price or pectively in D and the furniture and fixtures were $455,000 and $245000, res for the construction of parking lots and for Early in its fiscal year ending December 31, 2018, San Antonio Outiters finalized pians to expand operations The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city The land and existing bulding were purchased for $800,000. San Antonio paid $200,000 and signed a noninterest-bearing note requiring the company to pay the remaining $600000 on March 28, 2020 An interest rate of 8% property re ects the time value or money for this type of loan agreement Title search, insurance, and other closing costs totaling $20,000 were pald at closing demolished at a cost of $70,000, and an additional $50,000 was paid to clear and grade the land ing began on Mayland was completed on October 29 Construction expenditures were as follows. ( LE A of $1 p or EVADOSI and PVADoSD (Use appropriate factor(s) from the tables provided.) May 1 uly 30 September 1 October 1 $1,200, 888 1,500,000 980,886 1,800,00e San Antonio borrowed $3,000,000 at 8% on May 1 to help finance construction. This loan, plus interest, will be company also had the following debt outstanding throughout 2018 paid in 2019 The $2,000,000, 9% long-ter, note long-tere bonds payable payable 4,800,000, In November, the company purchased 10 identical pleces of equipment and office furniture and fixtures for a lump-sum price of $600,000 The fair values of the equipment and the furniture and fxtures were $455,000 and $245,000, respectively In December San Antonio paid a contractor $285,000 for the construction of parking lots and for landscaping Required: 1. Determine the initial values of the vanous assets that San Anton specific interest method to determine the amount of interest capitalized on the building construction 2. How much interest expense will San Antonio report in its 2018 income statement? o acquired or constructed during 2018. The company uses the Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial values of the various assets that San Antonio acquired or constructed during 2018. The company uses the specific interest method to determine the amount of interest capitalized on the building constriectioi.(Round your final answers to the nearest whole dollar) December 31, 2018, san Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of for $800,000. San Antonio pald $200,000 and signed a noninterest-bearng note requiring the compan search, insurance, and other closing costs totaling $20,000 were paid at closing Construction of a new building began on May 1 and was completed on October 29C time value of money for this type of loan agreement Title was demolished at a cost of $70,000, and an additional $50,000 was paid to clear and grade the land onstruction expenditures were as follows. (EY of S1. EVAOSi. PVA Of.S1, EVAD O1 S1 and PVAD of S) (Use eppropriete factor(s) from the tables provided Early in its fiscal year ending December 31, 2018, San Antonio Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city. The land and existing building were purchased for $800,000. San Antonio paid $200,000 and signed a noninterest-bearing note requiring the company to pay the remaining $600,000 on March 28, 2020. An interest rate of 8% properly reflects the time value or money for this type of loan agreement Title search, insurance, and other closing costs totaling $20,000 were paid at closing Durting Aprit, the old bulding was demolished at a cost of $70,000, and an additional $50.000 was paid to clear and grade the land Construction of a new building began on May 1 and was completed on October 29. Construction expenditures were as follows: (EY of 51. PY. ot.Si. EVA Ot.Si. PVA.of.S1. EVAD.of S1 and PVAD.OLS) (Use appropriate factor(s) from the tables provided.) $1,200,00 1,590,000 900,900 1,880,800 July 30 September October 1 San Antono borrowed S3,000,000 at 8% on May 1 to help finance construction. This ban, plus interest, will be paid in 2019 The company also had the tollowing debt outstanding throughout 2018 $2,000, , 9% long-tern note payable $4,000,0a0, 6 long-ters bonds payable in November, the company purchased 10 identical pleces of equipment and office furniture and fixtures for a $600,000. The far values of the San Antonio paid a contractor S lump-sum price or pectively in D and the furniture and fixtures were $455,000 and $245000, res for the construction of parking lots and for Early in its fiscal year ending December 31, 2018, San Antonio Outiters finalized pians to expand operations The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city The land and existing bulding were purchased for $800,000. San Antonio paid $200,000 and signed a noninterest-bearing note requiring the company to pay the remaining $600000 on March 28, 2020 An interest rate of 8% property re ects the time value or money for this type of loan agreement Title search, insurance, and other closing costs totaling $20,000 were pald at closing demolished at a cost of $70,000, and an additional $50,000 was paid to clear and grade the land ing began on Mayland was completed on October 29 Construction expenditures were as follows. ( LE A of $1 p or EVADOSI and PVADoSD (Use appropriate factor(s) from the tables provided.) May 1 uly 30 September 1 October 1 $1,200, 888 1,500,000 980,886 1,800,00e San Antonio borrowed $3,000,000 at 8% on May 1 to help finance construction. This loan, plus interest, will be company also had the following debt outstanding throughout 2018 paid in 2019 The $2,000,000, 9% long-ter, note long-tere bonds payable payable 4,800,000, In November, the company purchased 10 identical pleces of equipment and office furniture and fixtures for a lump-sum price of $600,000 The fair values of the equipment and the furniture and fxtures were $455,000 and $245,000, respectively In December San Antonio paid a contractor $285,000 for the construction of parking lots and for landscaping Required: 1. Determine the initial values of the vanous assets that San Anton specific interest method to determine the amount of interest capitalized on the building construction 2. How much interest expense will San Antonio report in its 2018 income statement? o acquired or constructed during 2018. The company uses the Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial values of the various assets that San Antonio acquired or constructed during 2018. The company uses the specific interest method to determine the amount of interest capitalized on the building constriectioi.(Round your final answers to the nearest whole dollar)