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Early in 2025, Metlock Corporation engaged Kiner, Inc. to design and construct a complete modernization of Metlock's manufacturing facility. Construction was begun on June
Early in 2025, Metlock Corporation engaged Kiner, Inc. to design and construct a complete modernization of Metlock's manufacturing facility. Construction was begun on June 1, 2025 and was completed on December 31, 2025. Metlock made the following payments to Kiner, Inc. during 2025: Date June 1, 2025 August 31, 2025 Payment $1,956,000 2,940,000 December 31, 2025 2,450,000 In order to help finance the construction, Metlock issued the following during 2025: 1. $1,666,000 of 10-year, 9% bonds payable, issued at par on May 31, 2025, with interest payable annually on May 31. 2. 300,000 shares of no-par common stock, issued at $10 per share on October 1, 2025. In addition to the 9% bonds payable, the only debt outstanding during 2025 was a $416,500, 12% note payable dated January 1, 2024 and due January 1, 2026, with interest payable annually on January 1. Compute the amounts of each of the following: (Round answers to O decimal places, e.g. 5,125.)
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