On January 1, 2024, a company began construction of a new warehouse. The building was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 $ 336,000 September 1, 2024 $ 504,000 December 31, 2024 $ 504,000 March 31, 2025 $ 504,000 September 30, 2025 $ 336,000 The company had $6,800,000 in 10% bonds outstanding through both years. Average accumulated expenditures for 2024 were:   Multiple Choice   $588,000.   $504,000.   $336,000.   $672,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, 2024, a company began construction of a new warehouse. The building was finished and ready for use on September 30, 2025. Expenditures on the project were as follows:

January 1, 2024 $ 336,000
September 1, 2024 $ 504,000
December 31, 2024 $ 504,000
March 31, 2025 $ 504,000
September 30, 2025 $ 336,000

The company had $6,800,000 in 10% bonds outstanding through both years.

Average accumulated expenditures for 2024 were:

 

Multiple Choice
  •  

    $588,000.

  •  

    $504,000.

  •  

    $336,000.

  •  

    $672,000.

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