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How much is the cost of the new building

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Reference no: EM132905695

GG Corp had the following loans outstanding during 2021 and 2022

Specific loan for construction @ 10% P 3,000,000

General borrowings @ 12% 25,000,000

The entity began the self-construction of a new building on Jan 1, 2021 and the building was completed on June 30, 2022

The following expenditure was made in 2021 and 2022:

Jan 1, 2021 P 4,500,000

April 1, 2021 5,000,000

Dec 1, 2021 3,000,000

March 1, 2022 6,000,000

Problem 1: how much the interest would be capitalized in 2021?

Problem 2: How much is the cost of the new building?

Reference no: EM132905695

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