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Hw.82.
![Flounder Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of
€4,000,000 on January 1, 2022. Flounder expected to complete the building by December 31, 2022. Flounder has the following debt
obligations outstanding during the construction period.
Construction loan-8% interest, payable semiannually, issued December 31, 2021
Short-term loan-6% interest, payable monthly, and principal payable at maturity on May 30, 2023
Long-term loan-7% interest, payable on January 1 of each year. Principal payable on January 1, 2026
€1,600,000
1,280,000
800,000
Compute the depreciation expense for the year ended December 31, 2023. Flounder elected to depreciate the building on a
straight-line basis and determined that the asset has a useful life of 30 years and a residual value of €240,000. (Round answer to 0
decimal places, e.g. 5,275.)
Depreciation Expense €](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8342b035-9205-4b5f-836c-08881ca83705%2F81b231b5-3f46-450e-8064-c41df63ff8fb%2F0ozsk6_processed.jpeg&w=3840&q=75)
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- Safeer Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of €5,800,000 on January 1, 2019. Safeer expected to complete the building by December 31, 2019. Safeer has the following debt obligations outstanding during the construction period. Construction loan – 12% interest, payable semiannually, issued December 31, 2018 €2,500,000 Short-term loan – 10% interest, payable monthly, and principal payable at maturity on May 30, 2020 1,750,000 Long-term loan – 11% interest, payable on January 1 of each year. Principal payable on January 1, 2023 1,150,000 Instructions: Assume that Safeer completed the office and warehouse building on December 31, 2019, as planned at a total cost of €6,000,000, and the weighted-average accumulated expenditures was €4,400,000. Compute the avoidable interest on this…Marin Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of €4,360,000 on January 1, 2022. Marin expected to complete the building by December 31, 2022. Marin has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2021 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2023 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2026 (a) * Your answer is incorrect. Assume that Marin completed the office and warehouse building on December 31, 2022, as planned at a total cost of €4,628,000. The following expenditures were made during the period forthis project: January 1, €890,000; April 1, €1.290,000; July 1, €1,690,000; and October 1, €560,000. Excess funds from the construction loans were invested during the period and earned €19,600 of…Flounder Furniture started construction of a combination office and warehouse building for its own use at an estimated cost of €4,260,000 on January 1, 2022. Flounder expected to complete the building by December 31, 2022. Flounder has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2021 €1,730,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2023 1,384,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2026 865,000
- Vaughn Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $10,000,000 on January 1, 2025. Vaughn expected to complete the building by December 31, 2025. Vaughn has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2024 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2026 Long-term loan-11% interest, payable on January 1 of each year; principal payable on January 1, 2029 (a) Assume that Vaughn completed the office and warehouse building on December 31, 2025, as planned, at a total cost of $10,400,000, and the weighted-average amount of accumulated expenditures was $7,200,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final answers to O decimal places, e.g. 5,275.)…CraneFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $14,000,000 on January 1, 2020. Crane expected to complete the building by December 31, 2020. Crane has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $5,600,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 4,200,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 2,800,000 Assume that Crane completed the office and warehouse building on December 31, 2020, as planned at a total cost of $14,560,000, and the weighted-average amount of accumulated expenditures was $10,080,000. Compute the avoidable interest on this project.Vaughn Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $10,000,000 on January 1, 2020. Vaughn expected to complete the building by December 31, 2020. Vaughn has the following debt obligations outstanding during the construction period. Construction loan-10% interest, payable semiannually, issued December 31, 2019 $4,000,000 Short-term loan-8% interest, payable monthly, and principal payable at maturity on May 30, 2021 2,800,000 Long-term loan-9% interest, payable on January 1 of each year. Principal payable on January 1, 2024 2,000,000 Assume that Vaughn completed the office and warehouse building on December 31, 2020, as planned at a total cost of $10,400,000, and the weighted-average amount of accumulated expenditures was $7,200,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round…
- Saleh Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $2,500,000 on January 1, 2020. Saleh expected to complete the building by December 31, 2022. Saleh has the following debt obligations outstanding during the construction period. Construction loan – 15% interest, payable semiannually, issued December 31, 2021 $1,000,000 Short-term loan – 10% interest, payable monthly, and principal payable at maturity on May 30, 2022 700,000 Long-term loan – 11% interest, payable on January 1 of each year. Principal payable on January 1, 2026 500,000 Instructions (Carry all computations to two decimal places.) (a). Assume that Saleh completed the office and warehouse building on December 31, 2022, as planned, at a total cost of $2,600,000, and the weighted average of accumulated expenditures was $1,800,000. Compute the avoidable interest on this project. (b). Compute the depreciation expense for the year ended…naruNovakFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $14,000,000 on January 1, 2020. Novak expected to complete the building by December 31, 2020. Novak has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $5,600,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 4,200,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 2,800,000 Assume that Novak completed the office and warehouse building on December 31, 2020, as planned at a total cost of $14,560,000, and the weighted-average amount of accumulated expenditures was $10,080,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final answers…
- Compute the depreciation expense for the year ended December 31, 2026. Sheridan elected to depreciate the building on a straight-line basis and determined that the asset has a useful life of 30 years and a salvage value of $360,000. (Round answer to O decimal places, e.g. 5,275.) Depreciation expense $ 360000Headland Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $7,500,000 on January 1, 2020. Headland expected to complete the building by December 31, 2020. Headland has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $3,000,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 2,100,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,500,000 Assume that Headland completed the office and warehouse building on December 31, 2020, as planned at a total cost of $7,800,000, and the weighted-average amount of accumulated expenditures was $5,400,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes…BlossomFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $7,000,000 on January 1, 2020. Blossom expected to complete the building by December 31, 2020. Blossom has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $2,800,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 1,960,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,400,000 Assume that Blossom completed the office and warehouse building on December 31, 2020, as planned at a total cost of $7,280,000, and the weighted-average amount of accumulated expenditures was $5,040,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final…
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