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![Solution:- 1). Capitalization of Interest Specifie Borrowing General Borrowing151,800_ Refer Note (C.) & (D) 128,000 Refer Note (B) 279.800Answer 2). Balance in construction in progress Expenditure [25,00,o00 + 15,0o,oo0] Interest On Specific Borrowings 128,000 151,800 Total 4,279,800Ans.](http://img.homeworklib.com/questions/933db7e0-7882-11ea-96b7-4d17c4913134.png?x-oss-process=image/resize,w_560)
![Vorkinq Note A). Calculation of average expenditure for the year ended 31st Dec,2018 Sr. Date Months [A Expenditure [B] [A *B] i). 01-01-18 ii). 01-06-18 12 2500000 1500oOO 30,000,0oo Total Average Expenditure 390oooo0/12- 0.00 B). Interest on Specific Loan Mon Sr. Date i). 01-01-18 Amount Interest @ 8% 12 1600000 128,000](http://img.homeworklib.com/questions/939bef20-7882-11ea-ac16-4d3d5abb63dc.png?x-oss-process=image/resize,w_560)
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During 2018, Rockman Industries, Inc. was in the process of constructing a new manufacturing facility. There...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,500,000 at 10% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $8,000,000, 15% bonds $2,000,000, 10% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 660,000 March 31 1,260,000 June 30 872,000 September 30 660,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 9% bonds $6,eee, eee, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $1,000,000 1,600,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,700,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $6,000,000, 14% bonds $4,000,000, 93 long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 620,000 1,220,000...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The only interest-bearing debt the company had outstanding during 2018 was long-term bonds with a book value of $10,600,000 and an effective interest rate of 9%. Construction expenditures incurred during 2018 were as follows: January 1 $ 560,000 March 1 636,000 July 31 516,000 September 30 660,000 December 31 360,000 Required: Calculate the amount of interest...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,850,000 at 10% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $4,000,000, 14% bonds $1,000,000, 10% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 800,000 March 31 1,400,000 June 30 1,040,000 September 30 800,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,200,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 10% bonds $6,000,000, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 900,000 March 31 1,500,000 June 30 1,160,000 September 30 900,000...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The only interest-bearing debt the company had outstanding during 2018 was long-term bonds with a book value of $10,100,000 and an effective interest rate of 9%. Construction expenditures incurred during 2018 were as follows: January 1 March 1 July 31 September 30 December 31 $ 510,000 606, 000 486,000 610,000 310,000 Required: Calculate the amount of...
Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on...
Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $2,000,000, 7% note $8,000,000, 34 bonds Construction expenditures incurred were as follows: July 1, 2018 September 30, 2018 November 30, 2018 January 30, 2019 $ 340,000 690,000 690,000 630,000 The company's fiscal year-end is December 31. Required: Calculate...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,700,000 at 7% on January 1 to help finance the construction, in addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $7,000,000, 12t bonds $3,000,000, 78 long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 740,000 1,340,000...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The only interest-bearing debt the company had outstanding during 2018 was long-term bonds with a book value of $11,700,000 and an effective interest rate of 8%. Construction expenditures incurred during 2018 were as follows: January 1 $ 670,000 March 1 702,000 July 31 582,000 September 30 770,000 December 31 470,000 Required: Calculate the amount of interest...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $2,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 9% bonds $6,eee, eee, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $1,000,000 1,600,000...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,700,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $6,000,000, 14% bonds $4,000,000, 93 long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 620,000 1,220,000...
On January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The only interest-bearing debt the company had outstanding during 2018 was long-term bonds with a book value of $10,100,000 and an effective interest rate of 9%. Construction expenditures incurred during 2018 were as follows: January 1 March 1 July 31 September 30 December 31 $ 510,000 606, 000 486,000 610,000 310,000 Required: Calculate the amount of...
Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $2,000,000, 7% note $8,000,000, 34 bonds Construction expenditures incurred were as follows: July 1, 2018 September 30, 2018 November 30, 2018 January 30, 2019 $ 340,000 690,000 690,000 630,000 The company's fiscal year-end is December 31. Required: Calculate...
On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,700,000 at 7% on January 1 to help finance the construction, in addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $7,000,000, 12t bonds $3,000,000, 78 long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 740,000 1,340,000...
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