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- On December 31, 2024, Tamarisk Inc. borrowed $3,960,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $475,200; June 1, $792,000; July 1, $1,980,000; December 1, $1,980,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. 3. (a) Other debt outstanding: 10-year, 14% bond, December 31, 2018, interest payable annually 6-year, 11% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $198,000. Interest revenue of $64,680 earned in 2025. Your answer is correct Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ eTextbook and Media Date Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2025. (Credit account titles are…On December 31, 2024, Sunland Inc. borrowed $1,080,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: June 1, $432,000; July 1, $648,000; September 1, $1,296,000; December 1, $648,000. The building was completed in April 2026. Additional information is provided as follows: 1. 2 (a) Other debt outstanding 10-year, 11% bond, dated December 31, 2018, interest payable annually 15-year, 13% note, dated December 31, 2012, interest payable annually Interest revenue earned in 2025 (b) Your answer is correct. The amount of interest $ Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. (Round answer to O decimal places, e.g. 5,125.) eTextbook and Media List of Accounts ate Your answer is partially correct. 138,060 $10,800,000 $2,700,000 Account Titles and Explanation $6,480 Prepare the journal entry to record the capitalization of interest…On December 31, 2024, Windsor Inc. borrowed $3,480,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $417,600; June 1, $696,000; July 1, $1,740,000; December 1, $1,740,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. 3. (a) Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $174,000. Interest revenue of $56,840 earned in 2025. Your answer is correct. Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ $4,640,000 1,856,000 212280
- On December 31, 2024, Oriole Inc. borrowed $4,200,000 at 13% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $504,000; June 1, $840,000; July 1, $2,100,000; December 1, $2,100,000. The building was completed in February 2026. Additional information is provided as follows. 1. Other debt outstanding: 10-year, 14% bond, December 31, 2018, interest payable annually 6-year, 11% note, dated December 31, 2022, interest payable annually $5,600,000 2,240,000 2. March 1, 2025, expenditure included land costs of $210,000. 3. Interest revenue of $68,600 earned in 2025. (a) (b) Your Answer Correct Answer (Used) Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ 277,550 Your Answer Correct Answer (Used) Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any,…On December 31, 2024, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000; December 1, $1,500,000. The building was completed in February 2026. Additional information is provided as follows. 1. Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually$4,000,000 2. 6-year, 10% note, dated December 31, 2022, interest payable annually1,600,000 3. March 1, 2025, expenditure included land costs of $150,000.Interest revenue of $49,000 earned in 2025. Instructions: Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2025.On December 31, 2024, Novak Inc. borrowed $4,500,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $540,000; June 1, $900,000; July 1, $2,250,000; December 1, $2,250,000. The building was completed in February 2026. Additional information is provided as follows. 1. Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually $6,000,000 2,400,000 2. March 1, 2025, expenditure included land costs of $225,000. 3. Interest revenue of $73,500 earned in 2025. (a) Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (b) Prepare the journal entry to record the capitalization of interest and the recognition of interest…
- On December 31, 2019, Nash Inc. borrowed $3,600,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $432,000; June 1, $720,000; July 1, $1,800,000; December 1, $1,800,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,800,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,920,000 2. March 1, 2020, expenditure included land costs of $180,000 3. Interest revenue earned in 2020 $58,800 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest %24On December 31, 2023, Novak Inc., a public company, borrowed $3 million at 10% payable annually to finance the construction of a new building. In 2024, the company made the following expenditures related to this building structure: March 1, $516,000; June 1, $612,000; July 1, $1.5 million (of which $390,000 was for the roof); December 1, $1.5 million (of which $738,000 was for the building HVAC). Additional information follows: 1. 2. 3. Other debt outstanding: $3-million, 10-year, 12% bond, dated December 31, 2016, with interest payable annually $1.5-million, six-year, 10% note, dated December 31, 2020, with interest payable annually The March 1, 2024 expenditure included land costs of $156,000. Interest revenue earned in 2024 on the unused idle construction loan amounted to $54,000. Prepare the journal entry to record the capitalization of borrowing costs and the recognition of interest expense, if any, at December 31, 2024. (Credit account titles are automatically indented when the…On December 31, 2023, Cheyenne Inc., a public company, borrowed $3 million at 11% payable annually to finance the construction of a new building. In 2024, the company made the following expenditures related to this building structure: March 1, $519,000; June 1, $630,000; July 1, $1.5 million (of which $412,000 was for the roof); December 1, $1.5 million (of which $728,000 was for the building HVAC). Additional information follows: 1. 2. 3. Other debt outstanding: $5-million, 10-year, 12% bond, dated December 31, 2016, with interest payable annually $1.5-million, six-year, 10% note, dated December 31, 2020, with interest payable annually The March 1, 2024 expenditure included land costs of $147,000. Interest revenue earned in 2024 on the unused idle construction loan amounted to $52,400. Prepare the journal entry to record the capitalization of borrowing costs and the recognition of interest expense, if any, at December 31, 2024. (Credit account titles are automatically indented when…
- On December 31, 2023, Cheyenne Inc., a public company, borrowed $3 million at 11% payable annually to finance the construction of a new building. In 2024, the company made the following expenditures related to this building structure: March 1, $519,000; June 1, $630,000; July 1, $1.5 million (of which $412,000 was for the roof); December 1, $1.5 million (of which $728,000 was for the building HVAC). Additional information follows: 1. 2. 3. Other debt outstanding: $5-million, 10-year, 12% bond, dated December 31, 2016, with interest payable annually $1.5-million, six-year, 10% note, dated December 31, 2020, with interest payable annually The March 1, 2024 expenditure included land costs of $147,000. Interest revenue earned in 2024 on the unused idle construction loan amounted to $52,400. Determine the interest amount that could be capitalized in 2024 in relation to the building construction. (Do not round intermediate calculations. Round capitalization rate to 2 decimal places, e.g.…On December 31, 2019, Riverbed Inc. borrowed $3,660,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $439,200; June 1, $732,000; July 1, $1,830,000; December 1, $1,830,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,880,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,952,000 2. March 1, 2020, expenditure included land costs of $183,000 3. Interest revenue earned in 2020 $59,780 Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…On December 31, 2019, Riverbed Inc. borrowed $3,660,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $439,200; June 1, $732,000; July 1, $1,830,000; December 1, $1,830,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,880,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,952,000 2. March 1, 2020, expenditure included land costs of $183,000 3. Interest revenue earned in 2020 $59,780 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $