Bonita Corporation began constructing a new plant facility in 2025. The building is expected to be completed on October 1, 2025. 2025 payments to the contractor are $204,000 on January 4, $336,000 on April 1, $312,000 on July 1 and $114,000 on September 1. Bonita has secured a construction loan of $600,000 at 6% interest on January 4, 2025. Bonita has no other debt outstanding. What is the interest amount to capitalize? Interest to capitalize $

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.