Reference no: EM132718477
On March 1, 2020, AUS Company purchased land for an office site. AUS began construction on the office building on March 1. The following expenditures were incurred for construction:
Date Expenditures
March 1, 2020 $ 1,800,000
April 1, 2020 2,520,000
July 1, 2020 4,500,000
December 1, 2020 4,800,000
The office was completed and ready for occupancy on December 31. To help pay for construction 3,600,000 was borrowed on March 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $3,500,000, 12%, 6-year note payable dated January 1, 2020.
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