23. On January 1, 2020, ENERVATE TO WEAKEN Company had the following borrowings made for general purposes and a part of the proceeds was used to finance the construction of a qualifying asset. 12% short-term note P 40,000,000 14% bank loan (3-year) 72,000,000 16% note payable (5-year) 88,000,000 The construction of the qualifying asset was started on immediately and completed on June 30 2021 and expenditures incurred on the qualifying asset were as follows: Jan. 1, 2020 P19,200,000 Mar. 31, 2020 8,800,000 July 30, 2020 14,000,000 March 31, 2021 21,600,000 June 30, 2021 1,200,000 How much is the cost of the new constructed building?
23. On January 1, 2020, ENERVATE TO WEAKEN Company had the following borrowings made for general purposes and a part of the proceeds was used to finance the construction of a qualifying asset. 12% short-term note P 40,000,000 14% bank loan (3-year) 72,000,000 16% note payable (5-year) 88,000,000 The construction of the qualifying asset was started on immediately and completed on June 30 2021 and expenditures incurred on the qualifying asset were as follows: Jan. 1, 2020 P19,200,000 Mar. 31, 2020 8,800,000 July 30, 2020 14,000,000 March 31, 2021 21,600,000 June 30, 2021 1,200,000 How much is the cost of the new constructed building?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The answer is 73,534,853 , please show the solution on how to get this amount.
Transcribed Image Text:23. On January 1, 2020, ENERVATE TO WEAKEN Company had the following
borrowings made for general purposes and a part of the proceeds was used to finance
the construction of a qualifying asset.
12% short-term note
P 40,000,000
14% bank loan (3-year)
72,000,000
16% note payable (5-year) 88,000,000
The construction of the qualifying asset was started on immediately and completed on
June 30 2021 and expenditures incurred on the qualifying asset were as follows:
Jan. 1, 2020
P19,200,000
Mar. 31, 2020
8,800,000
July 30, 2020
14,000,000
March 31, 2021
21,600,000
June 30, 2021
1,200,000
How much is the cost of the new constructed building?
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