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X company purchased land in 2014 for new office complex at a cost of $400,000. On May 1, 2014, constructions of the office complex began

X company purchased land in 2014 for new office complex at a cost of $400,000. On May 1, 2014, constructions of the office complex began 9the land was appraised at $425,000 on that due) construction was completed on October 1, 2015

Construction financing was obtained at an annual interest rate of %6. All construction borrowing was repaid on January 1, 2016 shorelines financial year is the calendar year. During all of 2014 and 2015, Shoreline had the other following loan during 2014 and 2015

loan

Annual rate

Amount

Date of loan

Date of repayment

Bank a

4.5%

$180,000

June 1, 2014

July 1, 2016

Bank b

5.5%

$250,000

June 1, 2013

April 1, 2016

Expenditures for the building and draws against the construction loan agreement were as follows

Construction payments

Construction loans amount

June 1, 2014

600,000

June 1,2014

400,000

September 1, 2014

580,000

September 1,2014

600,000

February 1,2015

900,000

February 1,2015

600,000

March 1, 2015

750,000

March 1, 2015

500,000

October 1, 2015

350,000

Balance sheet asset titles and account balances (not including accumulated depreciation) relative the above transaction on

December 31, 2014

December 31, 2015

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