{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-06T04:40:34-04:00", "answer_date": "2024-06-06 04:40:34", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2342888", "url": "\/study-help\/questions\/on-february-1-2023-greenscape-inc-contracted-ecobuilders-to-construct-2342888", "question_creation_date_js": "2024-06-06T04:40:34-04:00", "question_creation_date": "Jun 06, 2024 04:40 AM", "meta_title": "[Solved] On February 1, 2023, GreenScape Inc. cont | SolutionInn", "meta_description": "Answer of - On February 1, 2023, GreenScape Inc. contracted EcoBuilders to construct a new eco-friendly park for $2,500,000. Green | SolutionInn", "meta_keywords": "february,1,2023,greenscape,inc,contracted,ecobuilders,construct,new,eco-friendly,park,$2,500,000", "question_title_h1": "On February 1, 2023, GreenScape Inc. contracted EcoBuilders to construct a new eco-friendly park for $2,500,000. GreenScape made payments for the construction as follows: April", "question_title": "On February 1, 2023, GreenScape Inc. contracted EcoBuilders to construct a new", "question_title_for_js_snippet": "On February 1, 2023, GreenScape Inc contracted EcoBuilders to construct a new eco friendly park for $2,500,000 GreenScape made payments for the construction as follows April 1, $500,000, June 1, $700,000, and December 31, $1,300,000 The construction was completed, and the park was ready for use on December 31, 2023 GreenScape had the following outstanding debt as of December 31, 2023 i) A 10 three year note to finance construction of the park, dated December 31, 2022, with interest payable annually on December 31 Principal amount $1,500,000 ii) A 8 five year note payable, dated December 31, 2021, with interest payable annually on December 31 Principal amount $900,000 iii) 9 ten year bonds issued on December 31, 2019, with interest payable annually on December 31 Principal amount $800,000 Required i) Determine the amount of interest to be capitalized in 2023 in relation to the construction of the park ii) Prepare journal entries for GreenScape Inc during 2023 ", "question_description": "

  1. On February 1, 2023, GreenScape Inc. contracted EcoBuilders to construct a new eco-friendly park for $2,500,000. GreenScape made payments for the construction as follows: April 1, $500,000, June 1, $700,000, and December 31, $1,300,000. The construction was completed, and the park was ready for use on December 31, 2023. GreenScape had the following outstanding debt as of December 31, 2023:
    i) A 10% three-year note to finance construction of the park, dated December 31, 2022, with interest payable annually on December 31. Principal amount: $1,500,000.
    ii) A 8% five-year note payable, dated December 31, 2021, with interest payable annually on December 31. Principal amount: $900,000.
    iii) 9% ten-year bonds issued on December 31, 2019, with interest payable annually on December 31. Principal amount: $800,000.<\/p>

    Required:
    i) Determine the amount of interest to be capitalized in 2023 in relation to the construction of the park.
    ii) Prepare journal entries for GreenScape Inc. during 2023.<\/p><\/li><\/ol>

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