Hothead had the following loans outstanding for 2011. Specific construction loan 10% 1,000,000.00 100,000.00 General loan 12% 20,000,000.00 2,400,000.00 The entity began the self construction of a building on January 1, 2011 and the building was completed on December 31, 2011. The following expenditures were made during the year: 1-Jan 1,500,000.00 1-Jul 2,000,000.00 1-Nov 3,500,000.00

Hothead had the following loans outstanding for 2011. Specific construction loan 10% 1,000,000.00 100,000.00 General loan 12% 20,000,000.00 2,400,000.00 The entity began the self construction of a building on January 1, 2011 and the building was completed on December 31, 2011. The following expenditures were made during the year: 1-Jan 1,500,000.00 1-Jul 2,000,000.00 1-Nov 3,500,000.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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