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Montgomery Industries spent $590,000 in 2015 on a construction project to build a library. Montgomery also capitalized $29,500 of interest on the project in 2015.
Montgomery Industries spent $590,000 in 2015 on a construction project to build a library. Montgomery also capitalized $29,500 of interest on the project in 2015. Montgomery financed 100% of the construction with a 8% construction loan. The project was completed on September 30, 2016. Additional expenditures in 2016 were as follows: |
Feb. 28 | $ 89,100 |
Apr. 30 | 179,100 |
Jul. 1 | 35,100 |
Sept. 30 | 63,100 |
Required:
Determine the completed cost of the library. ( |
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