subject
Business, 08.03.2021 19:20 jae222

On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,400,000 at 6% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $8,000,000, 11% bonds
$2,000,000, 6% long-term note

Construction expenditures incurred during 2021 were as follows:

January 1 $980,000
March 31 1,580,000
June 30 1,256,000
September 30 980,000
December 31 780,000

Required:
Calculate the amount of interest capitalized for 2021 using the specific interest method.

ansver
Answers: 2

Another question on Business

question
Business, 21.06.2019 21:30
Prepare journal entries for each transaction and identify the financial statement impact of each entry. the financial statements are automatically generated based on the journal entries recorded. apr. 1 tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.apr. 2 the company prepaid $9,000 cash for 12 months' rent for office space. the company's policy is record prepaid expenses in balance sheet accounts.apr. 3 the company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. payment is due within 10 days.apr. 6 the company completed services for a client and immediately received $4,000 cash.apr. 9 the company completed a $6,000 project for a client, who must pay within 30 days.apr. 13 the company paid $11,600 cash to settle the account payable created on april 3.apr. 19 the company paid $2,400 cash for the premium on a 12-month insurance policy. the company's policy is record prepaid expenses in balance sheet accounts.apr. 22 the company received $4,400 cash as partial payment for the work completed on april 9.apr. 25 the company completed work for another client for $2,890 on credit.apr. 28 the company paid $5,500 cash in dividends.apr. 29 the company purchased $600 of additional office supplies on credit.apr. 30 the company paid $435 cash for this month's utility bill.
Answers: 3
question
Business, 22.06.2019 01:00
Throne technical university is looking for three people to work in its plant-biology laboratory. the hiring manager is finding that the most suitable job candidates live in other countries and are not willing to move to the city where the university is located. which situation is the university facing? a. lack of flexible workforce b. surpluses in labor talent c. an appearance of quota systems d. deficits in minimum wage demands
Answers: 1
question
Business, 22.06.2019 17:00
Jillian wants to plan her finances because she wants to create and maintain her tax and credit history. she also wants to chart out all of her financial transactions for the past federal fiscal year. what duration should jillian consider to calculate her finances? from (march or january )to (december or april)?
Answers: 1
question
Business, 22.06.2019 20:00
Which motion below could be made so that the chair would be called on to enforce a violated rule?
Answers: 2
You know the right answer?
On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its...
Questions
Questions on the website: 13722361