Question
On January 2, 2020, Crane Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on
On January 2, 2020, Crane Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: January 2, 2020 $590000 September 1, 2020 1800000 December 31, 2020 1800000 March 31, 2021 1800000 September 30, 2021 1190000 Crane Company borrowed $3200000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $11400000 in 7% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was:
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
