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 $1,040,000. San Antonio paid $320,000 and signed a noninterest-bearing note requiring the company to pay the remaining $720,000 on March 28, 2020. An interest rate of 6% properly reflects the time value of money for this type of loan agreement. Title search, insurance, and other closing costs totaling $32,000 were paid at closing. During April, the old building was demolished at a cost of $82,000, and an additional $62,000 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: (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) May 1 July 30 September 1 October 1 $3,000,000 2,100,000 1,620,000 2,520,000 San Antonio borrowed $5,100,000 at 6% on May 1 to help finance construction. This loan, plus interest, will be paid in 2019. The company also had the following debt outstanding throughout 2018: $3,200,000, 10% long-term note payable $5,200,000, 7% 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 $720,000. The fair values of the equipment and the furniture and fixtures were $615,000 and $205,000, respectively. In December, San Antonio paid a contractor $345,000 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? 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.) Initial Value Assets Land Land improvements Building Equipment Furniture & fixtures E y ewenang December 3120 A Anton pandang e sted to expand the 5720 DO stage was completed 25 w e purchase of actor and the outskorts 28 2000 Anwesto protects of the cy The land and existing bingwere purchased to 1.040.000 t h e cause h en During April the building was demished S1 PAGE1 EVAD 1 in D 1) s on 2000ndata 300 w propriate from rebis provided conoscer Construction prendre a fost 51 PV 51 VAG San Anbe 100.000 tonnection t he compo ngono 2013 20000000 bongo November the co u ched 10 peces of men and cute and restorum price of $20,000. The of the count and the future d ures were 615.000 205.000. pective in December San Antonio con me the softe n Andere un 2018 The company these w e re to buy Complete this question by entering your answers in the below 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 $1,040,000. San Antonio paid $320,000 and signed a noninterest-bearing note requiring the company to pay the remaining $720,000 on March 28, 2020. An interest rate of 6% properly reflects the time value of money for this type of loan agreement. Title search, insurance, and other closing costs totaling $32,000 were paid at closing. During April, the old building was demolished at a cost of $82,000, and an additional $62,000 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: (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) May 1 July 30 September 1 October 1 $3,000,000 2,100,000 1,620,000 2,520,000 San Antonio borrowed $5,100,000 at 6% on May 1 to help finance construction. This loan, plus interest, will be paid in 2019. The company also had the following debt outstanding throughout 2018: $3,200,000, 10% long-term note payable $5,200,000, 7% 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 $720,000. The fair values of the equipment and the furniture and fixtures were $615,000 and $205,000, respectively. In December, San Antonio paid a contractor $345,000 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? 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.) Initial Value Assets Land Land improvements Building Equipment Furniture & fixtures E y ewenang December 3120 A Anton pandang e sted to expand the 5720 DO stage was completed 25 w e purchase of actor and the outskorts 28 2000 Anwesto protects of the cy The land and existing bingwere purchased to 1.040.000 t h e cause h en During April the building was demished S1 PAGE1 EVAD 1 in D 1) s on 2000ndata 300 w propriate from rebis provided conoscer Construction prendre a fost 51 PV 51 VAG San Anbe 100.000 tonnection t he compo ngono 2013 20000000 bongo November the co u ched 10 peces of men and cute and restorum price of $20,000. The of the count and the future d ures were 615.000 205.000. pective in December San Antonio con me the softe n Andere un 2018 The company these w e re to buy Complete this question by entering your answers in the below