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i need help 11. On 5/1/23, Little Inc, borrowed funds on a 9%, two-year note to finance the construction of a new building for its
i need help
11. On 5/1/23, Little Inc, borrowed funds on a 9%, two-year note to finance the construction of a new building for its own purposes. Construction on the project began on 6/1/23 and was completed on 11/1/23. Rounded to the nearest whole month, for how many total months in 2023 should interest be capitalized under the interest capitalization rules? A. 0 months B. 5 months C. 6 months D. 7 months E. 12 months 12. Chester Corp. purchases and develops land to sell in its normal business operations. Its operating cycle is less than one year. In March of this year, it purchased land to develop and sell. The land was not sold as of December 31 . How should this land be classified on Nelson Corp.'s financial statements? A. It should be reported in an "Inventory" account in the PP\&E section of the balance sheet. B. It should be reported in a "Land" account in the long-term (or PP\&E) section of the balance sheet. C. It should be reported as part of the "Cost of Goods Sold" account on the income statement. D. It should be reported in an "Inventory" account in the current asset section of the balance sheet Step by Step Solution
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