Balance sheet asset titles and account balances

Assignment Help Financial Accounting

Reference no: EM13929420

X company purchased land in 2014 for new office complex at a cost of $400,000. On May 1, 2014, constructions of the office complex began 9the land was appraised at $425,000 on that due) construction was completed on October 1, 2015

Construction financing was obtained at an annual interest rate of %6. All construction borrowing was repaid on January 1, 2016 shoreline's financial year is the calendar year. During all of 2014 and 2015, Shoreline had the other following loan during 2014 and 2015

loan	Annual rate	Amount	Date of loan	Date of repayment
Bank a	4.5%	$180,000	June 1, 2014	July 1, 2016
Bank b	5.5%	$250,000	June 1, 2013	April 1, 2016

Expenditures for the building and draws against the construction loan agreement were as follows

Construction payments		Construction loans amount
June 1, 2014	600,000	June 1,2014	400,000
September 1, 2014	580,000	September 1,2014	600,000

February 1,2015	900,000	February 1,2015	600,000
March 1, 2015	750,000	March 1, 2015	500,000
October 1, 2015	350,000

Balance sheet asset titles and account balances (not including accumulated depreciation) relative the above transaction on

December 31, 2014

December 31, 2015

Reference no: EM13929420

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