Recording Costs for Self Constructed Asset Ameth Company constructed a building and incurred the following costs...

Transcribed Image Text:

Recording Costs for Self Constructed Asset Ameth Company constructed a building and incurred the following costs directly associated with construction. The building is valued at $170.500 (fair value) upon completion Materials Labor Incremenal overhead $55,000 8,000 33,000 Interest on construction loan incurred before completion Interest on construction loan incurred after completion 5,500 2.200 Total STX700 Prepare summary journal entries to record costs of (1) construction and (2) completion of the building. Assume that all qualifying interest during the current year is capitalized to the building. Account Name 5. Jarewed the cost of construction To record the sardon of the buds Check D Recording Costs for Self Constructed Asset Ameth Company constructed a building and incurred the following costs directly associated with construction. The building is valued at $170.500 (fair value) upon completion Materials Labor Incremenal overhead $55,000 8,000 33,000 Interest on construction loan incurred before completion Interest on construction loan incurred after completion 5,500 2.200 Total STX700 Prepare summary journal entries to record costs of (1) construction and (2) completion of the building. Assume that all qualifying interest during the current year is capitalized to the building. Account Name 5. Jarewed the cost of construction To record the sardon of the buds Check D