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Noel Maxwell & Co commenced the construction of their new clothes store on April 1, 2019. The following costs were incurred on the construction: $'000
Noel Maxwell & Co commenced the construction of their new clothes store on April 1, 2019. The following costs were incurred on the construction: $'000 Architect fees 340 Accounting fees 230 Clearing of land 20 Direct labour costs 8,600 Freehold land 10,700 Legal fees 2,600 Direct material costs 6,700 General overhead costs 900 Site preparation 1,260 Construction of the clothes store was completed on January 1, 2020, and Mr. Maxwell started operating business on April 1, 2020. In order to aid with the construction of the clothes store, Noel Maxwell & Co was able to get an unsecured loan of $15,000,000. The loan carried an interest rate of 12% per annum and is payable on April 1, 2022. Please help me in preparing schedule showing the amount to be included as property, plant and equipment in respect of the new clothes store
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