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Montgomery Industries spent $580,000 in 2020 on a construction project to build a library. Montgomery also capitalized $29,000 of interest on the project in 2020.
Montgomery Industries spent $580,000 in 2020 on a construction project to build a library. Montgomery also capitalized $29,000 of interest on the project in 2020. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows:
Feb. 28 | $ | 88,200 | |
Apr. 30 | 178,200 | ||
Jul. 1 | 34,200 | ||
Sept. 30 | 62,200 | ||
Required: Determine the completed cost of the library. (Do not round intermediate calculations.)
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