Business, 19.05.2020 18:07 keyshlavazquez5118

On March 1, 2012, Newton Company purchased land for an office site by paying $900,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2012 $ 600,000 April 1, 2012 840,000 May 1, 2012 1,500,000 June 1, 2012 2,400,000 The office was completed and ready for occupancy on July 1. To help pay for construction, $1,200,000 was borrowed on March 1, 2012 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2012 was a $500,000, 12%, 6-year note payable dated January 1, 2012. 97. The actual interest cost incurred during 2012 was A) $150,000. B) $168,000. C) $ 84,000. D) $140,000.

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On March 1, 2012, Newton Company purchased land for an office site by paying $900,000 cash. Newton b...

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