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Montgomery Industries spent $600,000 in 2015 on a construction project to build a library. Montgomery also capitalized $30,000 of interest on the project in 2015.
Montgomery Industries spent $600,000 in 2015 on a construction project to build a library. Montgomery also capitalized $30,000 of interest on the project in 2015. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2016. Additional expenditures were as follows:
Feb. 28: $90,000
Apr. 30: $180,000
Jul. 1: $36,000
Sept. 30: $64,000
What is the amount of capitalized interest?
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