PINAUTANG started constructing a building for its own use in March 1, 2020. PINAUTANG provided the following information related to the construction: Outstanding loans of the Company at January 1, 2020: Interest Rate Amount of loan interestCost 5% P10,000,000 P 500,000 10% 20.000.000 2,000,000 Total P30,000,000 P2,500,000 On January 1, 2020, PINAUTANG also borrowed P3,000,000 at 15% per annum, to specifically fund its expected construction on March 1, 2020. March 1, 2020 P1,000,000 February 1, 2021 P3,000,000 May 31, 2020 8,000,000 March 31, 2021 2,000,000 July 1, 2020. 7.000.000 November 31, 2020 4.000.000 December 31, 2020 1,000,000 How much is the total cost of the constructed asset as of December 31, 2020?
PINAUTANG started constructing a building for its own use in March 1, 2020. PINAUTANG provided the following information related to the construction:
Outstanding loans of the Company at January 1, 2020:
Interest Rate Amount of loan interestCost
5% P10,000,000 P 500,000
10% 20.000.000 2,000,000
Total P30,000,000 P2,500,000
On January 1, 2020, PINAUTANG also borrowed P3,000,000 at 15% per annum, to specifically fund its expected construction on March 1, 2020.
March 1, 2020 P1,000,000 February 1, 2021 P3,000,000
May 31, 2020 8,000,000 March 31, 2021 2,000,000
July 1, 2020. 7.000.000
November 31, 2020 4.000.000
December 31, 2020 1,000,000
How much is the total cost of the constructed asset as of December 31, 2020?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
