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 $ 275,000 $ 390,000 December 31, 2024 $ 390,000 March 31, 2025 $ 390,000 September 30, 2025 $ 275,000 The company borrowed $780,000 on a construction loan at 9% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,650,000 in 9% bonds payable outstanding in 2024 and 2025. Average accumulated expenditures for 2025 was:
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 $ 275,000 $ 390,000 December 31, 2024 $ 390,000 March 31, 2025 $ 390,000 September 30, 2025 $ 275,000 The company borrowed $780,000 on a construction loan at 9% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,650,000 in 9% bonds payable outstanding in 2024 and 2025. Average accumulated expenditures for 2025 was:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
$ 275,000
$ 390,000
December 31, 2024
$ 390,000
March 31, 2025
$ 390,000
September 30, 2025
$ 275,000
The company borrowed $780,000 on a construction loan at 9% interest on January 1,
2024. This loan was outstanding throughout the construction period. The company had
$4,650,000 in 9% bonds payable outstanding in 2024 and 2025.
Average accumulated expenditures for 2025 was:
Multiple Choice
○ $1,626,450.
$1,351,450.
$686,450.
$1,590,000.
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