in January 1, 2024, a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 September 1, 2024 December 31, 2024 March 31, 2025 September 30, 2025 $ 215,000 $318,000 $318,000 $ 318,000 $ 215,000 the company borrowed $756,000 on a construction loan at 9% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,530,000 in 9% bonds payable outstand nd 2025.
in January 1, 2024, a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 September 1, 2024 December 31, 2024 March 31, 2025 September 30, 2025 $ 215,000 $318,000 $318,000 $ 318,000 $ 215,000 the company borrowed $756,000 on a construction loan at 9% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,530,000 in 9% bonds payable outstand nd 2025.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2024, a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows:
January 1, 2024
September 1, 2024
December 31, 2024
March 31, 2025
September 30, 2025
$ 215,000
$ 318,000
$ 318,000
$ 318,000
$ 215,000
The company borrowed $756,000 on a construction loan at 9% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,530,000 in 9% bonds payable outstanding in 2024
and 2025.
Average accumulated expenditures for 2025 was:
Multiple Choice
$1,306,890.
$558,890.
$1,091,890.
$1,278,000.
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