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I only need help with the ones that are still blank. The answers that I filled in so far are correct. Please see the attached

I only need help with the ones that are still blank. The answers that I filled in so far are correct. Please see the attached file.

On January 1, 2016, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2017.

Expenditures on the project were as follows:

January 1, 2016$1,310,000
March 1, 20161,020,000
June 30, 20161,220,000
October 1, 20161,020,000
January 31, 2017333,000
April 30, 2017666,000
August 31, 2017963,000

On January 1, 2016, the company obtained a $3,700,000 construction loan with a 12% interest rate. The loan was outstanding all of 2016 and 2017. The company?s other interest-bearing debt included two long-term notes of $3,000,000 and $7,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2016 and 2017. Interest is paid annually on all debt. The company?s fiscal year-end is December 31.

Required:
1.

Calculate the amount of interest that Mason should capitalize in 2016 and 2017 using the specific interest method.

2.

What is the total cost of the building?

3.

Calculate the amount of interest expense that will appear in the 2016 and 2017 income statements.

image text in transcribed 3700000 3000000 7000000 13700000 0.12 0.08 0.1 444000 240000 700000 1384000 2 4 3 3 2016 Capitalized 2620000 9320000 10650000 13710000 36300000 3025000 363,000 2016 Interest Expenses 1,021,000 2016 1310000 2330000 3550000 4570000 WA 2017 4570000 4903000 5569000 6532000 1 3 4 4 3700000 1940250 2017 2017 Building Cost 7,521,384 4570000 940 14709000 22276000 26128000 67683000 5640250 444000 182383.5 626,384 2017 Capitalized 757,617 Interest Expense 10000 0.094

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