Question 2: On July 31, 2017, Amsterdam Company engaged Minsk Tooling Company to construct a special- purpose piece of factory machinery. Construction was begun immediately and was completed on November 30, 2017. To help finance construction, on July 31 Amsterdam issued a $80,000, 3 year, 11% notes payable, on which interest is payable each July 31. In addition, the company had outstanding all year a 8%, 3-year, $100,000 note payable and an 10%, 4-year, $150,000 note payable. Interests on both 8% and 10% note payables are payable each December 31. Amsterdam made payments to Minsk of $240,000 on July 31 and $120,000 on October 1. a. Calculate weighted-average accumulated expenditures avoidable interest, and total interest cost to be capitalized during 2017. b. Prepare the journal entries needed on the books of Amsterdam Company at each of the following dates (July 31, October 1, and December 31).

Question 2: On July 31, 2017, Amsterdam Company engaged Minsk Tooling Company to construct a special- purpose piece of factory machinery. Construction was begun immediately and was completed on November 30, 2017. To help finance construction, on July 31 Amsterdam issued a $80,000, 3 year, 11% notes payable, on which interest is payable each July 31. In addition, the company had outstanding all year a 8%, 3-year, $100,000 note payable and an 10%, 4-year, $150,000 note payable. Interests on both 8% and 10% note payables are payable each December 31. Amsterdam made payments to Minsk of $240,000 on July 31 and $120,000 on October 1. a. Calculate weighted-average accumulated expenditures avoidable interest, and total interest cost to be capitalized during 2017. b. Prepare the journal entries needed on the books of Amsterdam Company at each of the following dates (July 31, October 1, and December 31).

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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