On June 1, 2023, a company began construction of a new manufacturing plant. The plant was completed on October 31, 2 Expenditures on the project were as follows ($ in millions): July 1, 2023 October 1, 2023 February 1, 2024 April 1, 2024 September 1, 2024 October 1, 2024 86 54 62 37 36 22 On July 1, 2023, the company obtained a $118 million construction loan with a 10% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million wit interest rate of 9%. This note was outstanding during all of 2023 and 2024. The company's fiscal year-end is December 31. In computing the capitalized interest for 2024, the average accumulated expenditures are:
On June 1, 2023, a company began construction of a new manufacturing plant. The plant was completed on October 31, 2 Expenditures on the project were as follows ($ in millions): July 1, 2023 October 1, 2023 February 1, 2024 April 1, 2024 September 1, 2024 October 1, 2024 86 54 62 37 36 22 On July 1, 2023, the company obtained a $118 million construction loan with a 10% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million wit interest rate of 9%. This note was outstanding during all of 2023 and 2024. The company's fiscal year-end is December 31. In computing the capitalized interest for 2024, the average accumulated expenditures are:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting
Transcribed Image Text:On June 1, 2023, a company began construction of a new manufacturing plant. The plant was completed on October 31, 2024.
Expenditures on the project were as follows ($ in millions):
July 1, 2023
October 1, 2023
February 1, 2024
April 1, 2024
September 1, 2024
October 1, 2024
86
54
62
37
36
22
On July 1, 2023, the company obtained a $118 million construction loan with a 10% interest rate. The loan was outstanding
through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million with an
interest rate of 9%. This note was outstanding during all of 2023 and 2024. The company's fiscal year-end is December 31.
In computing the capitalized interest for 2024, the average accumulated expenditures are:
Transcribed Image Text:$236.75 million.
$216.04 million.
$234.80 million.
$158.80 million.
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