Question
Montgomery Industries spent $670,000 in 2015 on a construction project to build a library. Montgomery also capitalized $33,500 of interest on the project in 2015.
| Montgomery Industries spent $670,000 in 2015 on a construction project to build a library. Montgomery also capitalized $33,500 of interest on the project in 2015. Montgomery financed 100% of the construction with a 12% construction loan. The project was completed on September 30, 2016. Additional expenditures in 2016 were as follows: |
| Feb. 28 | $ 96,300 |
| Apr. 30 | 186,300 |
| Jul. 1 | 42,300 |
| Sept. 30 | 70,300 |
|
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Cost Accounting Principles And Applications
Authors: Horace Brock, Linda Herrington, La Vonda Ramey
7th Edition
0071115609, 978-0071115605
