Question
On March 1, BLGP Co. began construction of a small building. The following expenditures were incurred for construction: March 1 $ 200,000 April 1 $
On March 1, BLGP Co. began construction of a small building. The following expenditures were incurred for construction:
March 1 $ 200,000 April 1 $ 310,000
May 1 340,000 June 1 890,000
The building was completed and occupied on June 1. To help pay for construction $500,000 was borrowed on March 1 on a 14%, three-year note payable. The only other debt outstanding during the year was a $1,500,000, 12% note issued two years ago.
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Contemporary Auditing
Authors: Michael C. Knapp
10th edition
978-1285066608, 128506660X, 978-1305445161, 1305445163, 978-1305970816
