58. Messersmith Company is constructing a building. Construction began in 2022 and the building was completed 12/31/22. Messersmith made payments to the construction company of 6 1,000,000 on 7/1, 2,100,000 on 9/1, and 62,000,000 on 12/31. Average accumulated expenditures were a. 61,025,000. b. 61,200,000. c. 63,100,000. d. 65,100,000. Messersmith بتشييد مبنى. بدأ البناء في عام ۳۰۳٣ واكتمل البناء في Messersmith بسداد مدفوعات لشركة البناء بقيمة ۱۰۰۰۰.۰۰۰ يورو في ۱/٧ و رو في ۱/٩ و ۳،۰۰۰،۰۰۰ يورو في ۳۱/۱۳. متوسط النفقات المتراكمة كانت

On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2025. Expenditures on the project were as follows: January 1, 2024$ 1, 330,000March 1, 2024780,000June 30, 2024230,000 October 1, 2024660,000January 31, 2025540,000April 30, 2025855,000August 31, 20251,440,000 On January 1, 2024, the company obtained a $3 million construction loan with a 12% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2024 and 2025. The company's other interest-bearing debt included two long-term notes of $4,600,000 and $6,600,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2024 and 2025. Interest is paid annually on all debt. The company's fiscal year-end is December 31. Required: Using the weighted - average interest method, answer the following questions: Calculate the…

Sheridan Construction Co. contracted to build a bridge for $10,500,000. Construction began in 2024 and was completed in 2025. Data relating to the construction are: Costs incurred during the year Estimated costs to complete (a) 2024 $4,095,000 Revenue $ 2,730,000 Sheridan uses the percentage-of-completion method. How much revenue should be reported for 2024? 2025 $2,780,000

On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2025. Expenditures on the project were as follows: January 1, 2024   $ 1,040,000March 1, 2024   810,000June 30, 2024   450,000October 1, 2024   700,000January 31, 2025   1,125,000April 30, 2025   1,440,000August 31, 2025   2,610,000On January 1, 2024, the company obtained a $3 million construction loan with a 10% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2024 and 2025. The company’s other interest-bearing debt included two long-term notes of $5,900,000 and $7,900,000 with interest rates of 7% and 9%, respectively. Both notes were outstanding during all of 2024 and 2025. Interest is paid annually on all debt. The company’s fiscal year-end is December 31. Required:Using the WEIGHTED-AVERAGE INTEREST METHOD, answer the following…

How much gross profit should be reported for 2021?

Please help find weighted average accumulated expenditures amount

On January 1, 2026, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2027. Expenditures on the project were as follows: During 2026: January 31 March 1 June 30 October 1 During 2027: January 31 April 30 August 31 $1,000,000 600,000 800,000 600,000 270,000 585,000 900,000 On January 1, 2026, the company obtained a $3 million construction loan with a 10% interest rate. The loan was outstanding all of 2026 and 2027. The company's other interest-bearing debt included two long-term notes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2026 and 2027. Interest is paid annually on all debt. The company's financial year-end is December 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2026 and 2027. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will…

Dalton Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. Data relating to the construction are: Costs incurred during the year Estimated costs to complete Dalton uses the percentage-of-completion method. 2021 $3,300,000 2,700,000 2022 $2,750,000 Instructions (a) How much revenue should be reported for 2021? Show your computation. (b) Make the entry to record progress billings of $4,100,000 during 2021. (c) Make the entry to record the revenue and gross profit for 2021. (d) How much gross profit should be reported for 2022? Show your computation.

(Capitalization of Borrowing Costs) In early February 2023, Huey Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2023 expenditures relate to the addition: Feb. 1 120,000 Mar. 1 Payment to architect 24,000 July 1 Payment #1 to contractor $ Payment #2 to contractor 60,000 Dec. 1 Payment #3 to contractor 180, 000 Dec. 31 Asset carrying amount $384,000 On February 1, Huey issued a $100,000, three-year note payable at a rate of 12% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest-bearing debt during the period are provided in the table below: Other Debt Instruments Outstanding-2023 bonds, issued May 1, 2008, matured May 1, 2023 Principal Amount 9%, 15-year $300,000 7%, 10-year bonds, issued June 15, 2017 $500,000 6%, 12-year bonds, issued May 1, 2023 $300,000 Instructions What amount of interest should be capitalized for the…

s