Homework Answers
| Construction expenditure For 2018 | |
| Date | Amount |
| 31/12/2017 | $600,000.00 |
| 01/02/2018 | $770,000.00 |
| 01/08/2018 | $150,000.00 |
| Total | $1,520,000.00 |
| Interest Calculation For 2018 | |||
| Originated | Repaid | Amount | Int rate @ 8% |
| 01/07/2017 | 01/11/2018 | 480000 | 32000 |
| 01/02/2018 | 01/11/2018 | 700000 | 42000 |
| Another os loan | 1000000 | 50000 | |
| Total Interest | 124000 | ||
| As on 31st Dec 2018 | |
| Land | $200,000.00 |
| building | $308,000.00 |
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127400 237600 1. Aequire Fixed Assets A. Interest During Construction Hart began construction of a new...
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Hart began construction of a new building last year on July 1, 2017. On the day construction was started, the land was appraised at $350,000. It had been purchased 2 years earfier for $200,000. By Dec. 31, 2017 it had spent $600,000 on construction and correctly paid and capitalized interest in the amount of $32,000. The following added expenditures were made in 2018 prior to completion of the building on September 1, 2018: Date Amount Feb. 1, 2018 Aug.1, 2018...
Hart began construction of a new building last year on July 1, 2017. On the day...
Hart began construction of a new building last year on July 1, 2017. On the day construction was started, the land was appraised at $350,000. It had been purchased 2 years earlier for $200,000. By Dec. 31, 2017 it had spent $600,000 on construction and correctly paid and capitalized interest in the amount of $32,000. The following added expenditures were made in 2018 prior to completion of the building on September 1, 2018: Date Amount Feb. 1, 2018 840,000 Aug.1,...
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