(Capitalization of Borrowing Costs) In early February 2023, Huey Corp an addition to its head office building that is expected to take 18 mont following 2023 expenditures relate to the addition: Feb. 1 Payment 120,000 Mar. 1 Payment to architect 24,000 July 1 Payment # Payment #3 to contractor 180,000 Dec. 31 A- 60,000 Dec. 1 $384,000 On February 1, Huey issued a $100,000, three-year note p to finance most of the initial payment to the contractor. No other asset entered into. Details of other interest-bearing debt during the period table below: Other Debt Instruments Outstanding-2023 Principal
(Capitalization of Borrowing Costs) In early February 2023, Huey Corp an addition to its head office building that is expected to take 18 mont following 2023 expenditures relate to the addition: Feb. 1 Payment 120,000 Mar. 1 Payment to architect 24,000 July 1 Payment # Payment #3 to contractor 180,000 Dec. 31 A- 60,000 Dec. 1 $384,000 On February 1, Huey issued a $100,000, three-year note p to finance most of the initial payment to the contractor. No other asset entered into. Details of other interest-bearing debt during the period table below: Other Debt Instruments Outstanding-2023 Principal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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