On March 1, 2017, Crane Company purchased land for an office site by paying $2600000 cash....
On March 1, 2017, Crane Company purchased land for an office
site by paying $2600000 cash. Crane began construction on the
office building on March 1. The following expenditures were
incurred for construction:
| Date | Expenditures | |
| March 1, 2017 | $1700000 | |
| April 1, 2017 | 2460000 | |
| May 1, 2017 | 4400000 | |
| June 1, 2017 | 4700000 |
The office was completed and ready for occupancy on July 1. To help
pay for construction, and purchase of land $3500000 was borrowed on
March 1, 2017 on a 9%, 3-year note payable. Other than the
construction note, the only debt outstanding during 2017 was a
$1400000, 12%, 6-year note payable dated January 1, 2017.
The actual interest cost incurred during 2017 was
Homework Answers
The actual interest cost incurred during 2017 was: $430,500
Interest cost incurred = ($3500000 x 9% x 10/12) + ($1400000 x 12%) = $262500 + $168000 = $430500
Add Answer to:
On March 1, 2017, Crane Company purchased land for an office
site by paying $2600000 cash....
On March 1, 2017, Sheridan Company purchased land for an office site by paying $2600000 cash. Sheridan began constructio...
On March 1, 2017, Sheridan Company purchased land for an office
site by paying $2600000 cash. Sheridan began construction on the
office building on March 1. The following expenditures were
incurred for construction:
Date
Expenditures
March 1, 2017
$ 1810000
April 1, 2017
2490000
May 1, 2017
4420000
June 1, 2017
4700000
The office was completed and ready for occupancy on July 1. To help
pay for construction, and purchase of land $3670000 was borrowed on
March 1, 2017 on...
9. On March 1, 2020, Bonita Industries purchased land for an office site by paying $2700000...
9. On March 1, 2020, Bonita Industries purchased land for an office site by paying $2700000 cash. Bonita began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $ 1700000 April 1, 2020 2490000 May 1, 2020 4590000 June 1, 2020 4890000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3550000 was borrowed on March 1, 2020...
2. On March 1, 2017, Newton Company purchased land for an office site by paying $2,700,000...
2. On March 1, 2017, Newton Company purchased land for an office site by paying $2,700,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction: Date March 1, 2017 April 1, 2017 May 1, 2017 June 1, 2017 $ 1,800,000 2,520,000 4,500,000 4,800,000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3,600,000 was borrowed on March 1, 2017 on...
On March 1, 2020, Swifty Corporation purchased land for an office site by paying $2660000 cash....
On March 1, 2020, Swifty Corporation purchased land for an office site by paying $2660000 cash. Swifty began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $1750000 April 1, 2020 2480000 May 1, 2020 4530000 June 1, 2020 4710000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3690000 was borrowed on March 1, 2020 on a...
On March 1, 2014, Newton Company purchased land for an office site by paying $1,800,000 cash. New...
On March 1, 2014, Newton Company purchased land for an office site by paying $1,800,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2014 $ 1,200,000 April 1, 2014 1,680,000 May 1, 2014 3,000,000 June 1, 2014 4,800,000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2,400,000 was borrowed on March 1, 2014 on...
On March 1, 2020, Concord Corporation purchased land for an office site by paying $2740000 cash....
On March 1, 2020, Concord Corporation purchased land for an office site by paying $2740000 cash. Concord began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $ 1790000 April 1, 2020 2530000 May 1, 2020 4490000 June 1, 2020 4880000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3560000 was borrowed on March 1, 2020 on a...
1.On March 1, 2020, Sunland Company purchased land for an office site by paying $2680000 cash....
1.On March 1, 2020, Sunland Company purchased land for an office site by paying $2680000 cash. Sunland began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $1780000 April 1, 2020 2510000 May 1, 2020 4510000 June 1, 2020 4720000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3540000 was borrowed on March 1, 2020 on a...
Crane Company purchased land as a factory site for $1315000. Crane paid $118000 to tear down...
Crane Company purchased land as a factory site for $1315000.
Crane paid $118000 to tear down two buildings on the land. Salvage
was sold for $8400. Legal fees of $5380 were paid for title
investigation and making the purchase. Architect's fees were
$46100. Title insurance cost $3900, and liability insurance during
construction cost $4200. Excavation cost $15540. The contractor was
paid $4400000. An assessment made by the city for pavement was
$9700. Interest costs during construction were $260000.
The cost...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $630,000. Additionally, Blackstone paid a real estate broker's commission of $39,000, legal fees of $7,500, and title insurance of $19,500. The closing statement indicated that the land value was $515,000 and the building value was $115,000. Shortly after acquisition, the building was razed at a cost of $78,000. Blackstone entered into a $3,300,000 fixed-price contract with Barnett Builders, Inc., on March...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with...
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Additionally, Blackstone paid a real estate broker's commission of $50,000, legal fees of $8,000, and title insurance of $25,000. The closing statement indicated that the land value was $570,000 and the building value was $170,000. Shortly after acquisition, the building was razed at a cost of $89,000. Blackstone entered into a $4,400,000 fixed-price contract with Barnett Builders, Inc., on March...
On March 1, 2017, Sheridan Company purchased land for an office
site by paying $2600000 cash. Sheridan began construction on the
office building on March 1. The following expenditures were
incurred for construction:
Date
Expenditures
March 1, 2017
$ 1810000
April 1, 2017
2490000
May 1, 2017
4420000
June 1, 2017
4700000
The office was completed and ready for occupancy on July 1. To help
pay for construction, and purchase of land $3670000 was borrowed on
March 1, 2017 on...
9. On March 1, 2020, Bonita Industries purchased land for an office site by paying $2700000 cash. Bonita began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $ 1700000 April 1, 2020 2490000 May 1, 2020 4590000 June 1, 2020 4890000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3550000 was borrowed on March 1, 2020...
2. On March 1, 2017, Newton Company purchased land for an office site by paying $2,700,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction: Date March 1, 2017 April 1, 2017 May 1, 2017 June 1, 2017 $ 1,800,000 2,520,000 4,500,000 4,800,000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3,600,000 was borrowed on March 1, 2017 on...
Crane Company purchased land as a factory site for $1315000.
Crane paid $118000 to tear down two buildings on the land. Salvage
was sold for $8400. Legal fees of $5380 were paid for title
investigation and making the purchase. Architect's fees were
$46100. Title insurance cost $3900, and liability insurance during
construction cost $4200. Excavation cost $15540. The contractor was
paid $4400000. An assessment made by the city for pavement was
$9700. Interest costs during construction were $260000.
The cost...
Most questions answered within 3 hours.
-
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 13 minutes ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 17 minutes ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 1 hour ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 1 hour ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 1 hour ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 1 hour ago -
The carbonate ion CO3 2- has multiple resonance structures.
a. Draw them and assign the hybridization...
asked 1 hour ago -
In doing an allocation for a basket purchase
Use the individual costs and the total market...
asked 1 hour ago -
what were the social political and economic causes and impacts of
the late 19th century urban...
asked 1 hour ago -
if the magnitude of a velocity vector is 10m/s and it
makes an angle of 45...
asked 1 hour ago -
Which amino acid has a basic R group?
A) tyrosine
B) Isoleucine
C) Glutamic Acid
D)...
asked 1 hour ago -
Is there the need for the government to have hackers. Please
share your thoughts.
asked 1 hour ago