January 2 2010 indian river groves began construction of a

Reference no: EM13601232

January 2, 2010, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2011. Expenditures for the construction were as follows:

January 2, 2010 $200,000
September 1, 2010 600,000
December 31, 2010 600,000
March 31, 2011 600,000
September 30, 2011 400,000

Indian River Groves borrowed $1,100,000 on a construction loan at 12% interest on January 2, 2010. This loan was outstanding during the construction period. The company also had $4,000,000 in 9% bonds outstanding in 2010 and 2011.
The interest capitalized for 2010.

Reference no: EM13601232

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