Please help with requirements A, B, and C. THANK YOU!
On January 1, 2018, Ultra Power and Light commenced construction of a new generating plant to serve the northeast corridor of the state. The total cost of the project is $4,146,000, and it will be completed on June 1, 2019. Scheduled payments to contractors are summarized in the following table. |(Click the icon to view payments.) To finance the project, Ultra Power obtained a bank loan on January 1, 2018, for $2,100,000 at 10% interest. Ultra's other general (or indirect) outstanding debt during 2018 and 2019 includes the following: (Click the icon to view the general debt.) Read the requirements. Weighted-Average Accumulated Expenditures Date January 1, 2019 February 1, 2019 April 1,2019 Total 2019 Date Amount Paid $ 930,000 January 1, 2018 April 1, 2018 340,000 1,220,000 July 1, 2018 $ 2,490,000 Total 2018 February 1, 2019 $ 1,092,000 564,000 April 1, 2019 $ Total 2019 1,656,000 $ Total expenditures 4,146,000 General Debt Amount 9% Note $ 1,120,000 12% Note 3,000,000 2,700,000 6% Bonds $ 6,820,000 Total All debt was issued at par and is outstanding for the full year. Interest for all debt is paid on December 31. a. Determine the amount of interest to be capitalized and expensed by Ultra Power Company for both 2018 and 2019. Prepare all journal entries required. Determine the final valuation of the power plant. b. C. On January 1, 2018, Ultra Power and Light commenced construction of a new generating plant to serve the northeast corridor of the state. The total cost of the project is $4,146,000, and it will be completed on June 1, 2019. Scheduled payments to contractors are summarized in the following table. |(Click the icon to view payments.) To finance the project, Ultra Power obtained a bank loan on January 1, 2018, for $2,100,000 at 10% interest. Ultra's other general (or indirect) outstanding debt during 2018 and 2019 includes the following: (Click the icon to view the general debt.) Read the requirements. Weighted-Average Accumulated Expenditures Date January 1, 2019 February 1, 2019 April 1,2019 Total 2019 Date Amount Paid $ 930,000 January 1, 2018 April 1, 2018 340,000 1,220,000 July 1, 2018 $ 2,490,000 Total 2018 February 1, 2019 $ 1,092,000 564,000 April 1, 2019 $ Total 2019 1,656,000 $ Total expenditures 4,146,000 General Debt Amount 9% Note $ 1,120,000 12% Note 3,000,000 2,700,000 6% Bonds $ 6,820,000 Total All debt was issued at par and is outstanding for the full year. Interest for all debt is paid on December 31. a. Determine the amount of interest to be capitalized and expensed by Ultra Power Company for both 2018 and 2019. Prepare all journal entries required. Determine the final valuation of the power plant. b. C
