On March 1, 2023, Venus Company purchased land for an office site by paying P540,000 cash. Venus began constructi on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1 810,000 April 1 1,120,000 May 1 1,240,000 June 1 1,360,000 The office was completed and ready for occupancy on July 1. To help pay for construction, P720,000 was borrowed on March 1, 2023 on a 9%, 3-year note payable. Other than the construction note issued, the only debt outstanding during 2023 was a P1,500,000, 12%, 6-year note payable dated January 1, 2023. The borrowing costs capitalized at year end is a. 81,600 b. 82,800 c. 90,000 d. 97,200

On March 1, 2023, Venus Company purchased land for an office site by paying P540,000 cash. Venus began constructi on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1 810,000 April 1 1,120,000 May 1 1,240,000 June 1 1,360,000 The office was completed and ready for occupancy on July 1. To help pay for construction, P720,000 was borrowed on March 1, 2023 on a 9%, 3-year note payable. Other than the construction note issued, the only debt outstanding during 2023 was a P1,500,000, 12%, 6-year note payable dated January 1, 2023. The borrowing costs capitalized at year end is a. 81,600 b. 82,800 c. 90,000 d. 97,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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