Project #$4$ At

Based on Problem $9-7$

old dwelling on the premises was demolished at a cost of $$3,360,$ with $$960$ being received from the sale of materials.

during the first week in December with payments made to the contractor in $2023$ as follows.

The building was completed on July $1,2023.$

To finance construction of this plant, Novak borrowed $$608,400$ from the bank on December $1,2022.$ Novak had no other borrowings. The $$608,400$ was a $10-$year loan bearing interest at $8\%.$

Using Excel calculate the following $($show your work and use formulas where appropriate$)$:

Balance in the Land account for December $31,2022$ and December $31,2023$

The weighted average of accumulated expenditures for $2022$

The amount of interest capitalized in $2022$

The weighted average of accumulated expenditures for $2023$

The amount of interest capitalized in $2023$

Balance in the Building account for December $31,2022$ and December $31,2023$

Balance in the Interest Expense account for December $31,2022$ and December $31,2023$