Montgomery Industries spent $690,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,500 of interest on the project in 2023. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: February 28 April 30 July 1 September 30 $ 98,100 188,100 44,100 72,100 Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library wwwwwwwwwwwww
Montgomery Industries spent $690,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,500 of interest on the project in 2023. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: February 28 April 30 July 1 September 30 $ 98,100 188,100 44,100 72,100 Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library wwwwwwwwwwwww
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Montgomery Industries spent $690,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,500 of
interest on the project in 2023. Montgomery financed 100% of the construction with a 10% construction loan. The project was
completed on September 30, 2024. Additional expenditures in 2024 were as follows:
February 28
April 30
July 1
September 30
$ 98,100
188,100
44,100
72,100
Required:
Determine the completed cost of the library.
Note: Do not round intermediate calculations.
Completed cost of the library
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