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I just cant figure out why I am getting the 2018 building and interest wrong and everything else right ment CALCULATOR FULL SCREEN PRINTER VERSION
I just cant figure out why I am getting the 2018 building and interest wrong and everything else right
ment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Grouper Landscaping began construction of a new plant on December 1, 2017. On this date, the company purchased a parcel of land for $139,200 in cash. In addition, it paid $1,920 in surveying costs and $4,560 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,120, with $720 being received from the sale of materials. Architectural plans were also formalized on December 1, 2017, when the architect was paid S 39 600 The necessary building permits costing O i20 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2018 as follows. ate of PaymentAmount of Payment March 1 May1 Duly 1 The building was completed on July 1, 2018. To finance construction of this plant, Grouper borrowed $612,000 from the bank on December 1, 2017. Grouper had no other borrowings. The $612,000 was a 10- 242,400 333,600 67,200 year loan bearing interest at 10%. Compute the balance in each of the following accounts at December 31, 2017, and December 31, 2018. (Round answers to O decimal places, e.g. 5,275.) December 31, 2017 December 31, 2018 (a) Balance in Land Account 148 (b) Balance in Building 4431 1086 (c) Balance in Interest Expense 351 785 Step by Step Solution
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