Reference no: EM132316604
Question
On July 31, 2017, Shamrock Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2017.
To help finance construction, on July 31 Shamrock issued a $314,400, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $206,400 of the proceeds of the note was paid to Minsk on July 31.
The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1.
On November 1, Shamrock made a final $108,000 payment to Minsk. Other than the note to Netherlands, Shamrock's only outstanding liability at December 31, 2017, is a $32,600, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each December 31.
Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2017
Interest revenue$: ?
Weighted-average accumulated expenditures$: ?
Avoidable interest$: ?
Interest capitalized$: ?
2. Prepare the journal entries needed on the books of Shamrock Company at each of the following dates.
(1) July 31, 2017.
(2) November 1, 2017.
(3) December 31, 2017.
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