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Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library

Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library

FINANCIAL ACCOUNTING
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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Montgomery Industries spent $580,000 in 2023 on a construction project to build a library. Montgomery also capitalized $29,000 of interest on the project in 2023. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: February 28 April 30 July 1 September 30 $ 88,200 178, 200 34, 200 62,200 Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library
Transcribed Image Text:Montgomery Industries spent $580,000 in 2023 on a construction project to build a library. Montgomery also capitalized $29,000 of interest on the project in 2023. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: February 28 April 30 July 1 September 30 $ 88,200 178, 200 34, 200 62,200 Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library
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