During April, the old building was demolished at a cost of $79,000, and an additional $59,000 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: (EV of S1. PV of S1, EVA of S1. PVA of S1, FVAD of $1 and PVAD of S0 (Use appropriate factor(s) from the May 1 July 30 September 1 October 1 $2,558,800 1,958,89e 1,440,080 2,340,86e San Antonio borrowed $4,500,000 at 6% on May 1 to help finance construction. This loan, plus interest, wil be paid in 2019, The company also had the following debt outstanding throughout 2018 $2,900,000, 7% long-term note payable $4,900,000, 4% long-term bonds payable In November, the company purchased 10 identical pieces of equipment and office furniture and fixtures for a lump-sum price of $690,000. The fair values of the equipment and the furniture and fixtures were $474,000 and $316,000, respectively In December San Antonio paid a contractor $330,000 for the construction of parking lots and for landscaping Required 1. 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 construction. 2. How much interest expense will San Antonio report in its 2018 income statement? Required: 1. Determine the initial values of the various assets that San Antonio acquired or constructed during 2018 The company uses 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? 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 construction. (Round your final answers to the nearest whole dollar Assets Initial Value Land Land improvements Buising During April, the old building was demolished at a cost of $79,000, and an additional $59,000 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: (EV of S1. PV of S1, EVA of S1. PVA of S1, FVAD of $1 and PVAD of S0 (Use appropriate factor(s) from the May 1 July 30 September 1 October 1 $2,558,800 1,958,89e 1,440,080 2,340,86e San Antonio borrowed $4,500,000 at 6% on May 1 to help finance construction. This loan, plus interest, wil be paid in 2019, The company also had the following debt outstanding throughout 2018 $2,900,000, 7% long-term note payable $4,900,000, 4% long-term bonds payable In November, the company purchased 10 identical pieces of equipment and office furniture and fixtures for a lump-sum price of $690,000. The fair values of the equipment and the furniture and fixtures were $474,000 and $316,000, respectively In December San Antonio paid a contractor $330,000 for the construction of parking lots and for landscaping Required 1. 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 construction. 2. How much interest expense will San Antonio report in its 2018 income statement? Required: 1. Determine the initial values of the various assets that San Antonio acquired or constructed during 2018 The company uses 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? 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 construction. (Round your final answers to the nearest whole dollar Assets Initial Value Land Land improvements Buising
