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Question - On January 1, 20x1. Entity A had the following general borrowings. A part of the proceeds was used to finance the construction of a qualifying asset:
Principal
12% bank loan (1.5 years) P1,000,000
10% bank loan (3 years) P8,000,000
Expenditures made on the qualifying asset were as follows:
Jan 1 5,000,000
March 1 4,000,000
August 31 3,000,000
December 1 2,000,000
Construction was completed on December 31, 20x1
Required - How much is the cost of the qualifying asset on initial recognition?
a. P 15,045,000
b. P 14,971,111
c. P 14,920,000
d. P 13,010,000
e. Answer not given
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