Reference no: EM133049454
Question - On December 31, 2014, the Company borrowed $3,100,000 in interest paid annually to finance the construction of a new Building. In 2015, the company made the following expenditures related to the building:
March 1st $460,000
June 1st 3700,000
July 1st $1,600,000
December 1st $1,300,000
Additional information is available as follows:
1. Other outstanding debt
a. Bonds of $ 4,100,000 for a period of 10 years, interest of 11%, dated December 31, 2008, interest paid annually
b. Money order $ 1,700,000 million for a period of 6 years, interest of 10%, dated December 31, 2012, interest paid annually
2. As of March 1, 2015, expenses including land acquisition costs of $250,000
3. Interest income earned in 2015 from funds related to specific loans of $149,000
Required -
1. Determine the amount of interest capitalized in 2015 in relation to building construction!
2. Create a journal to record the capitalization of interest and recognition of interest expense, if any, on December 31, 2015!
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