Business, 04.01.2020 00:31 sarah02152005

Marin industries inc. started construction of a manufacturing facility for its own use at an estimated cost of $9,000,000 on january 1, 2017. tamarisk expected to complete the building by december 31, 2017. tamarisk's debt, all of which was outstanding during the construction period, was as follows. construction loan-11.00% interest, payable semiannually, issued december 31, 2016; $4,500,000 long-term loan #1-10.00% interest, payable on january 1 of each year. principal payable on january 1, 2019; $1,350,000 long-term loan #2-12.00% interest, payable on december 31 of each year. principal payable on december 31, 2025; $3,150,000assume that tamarisk completed the facility on december 31, 2017, at a total cost of $9,270,000, and the weighted-average amount of accumulated expenditures was $6,120,000. a. compute the avoidable interest on this project. b. compute the depreciation expense for the year ended december 31, 2018. tamarisk estimated the facility's useful life to be 25 years with a salvage value of $900,000. tamarisk elected to depreciate the facility on a straight-line basis.

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