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On July 31, 2020, Bramble Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction begun immediately and was completed
On July 31, 2020, Bramble Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction begun immediately and was completed on November 1, 2020. To help finance construction, on July 31 Bramble issued a $325,200, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $222,200 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Bramble made a final $103,000 payment to Minsk. Other than the note to Netherlands, Bramble's only outstanding liability at December 31, 2020, is a $32,400,8%, 6-year note payable, dated January 1, 2017, on which interest is payable each December 31.
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