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Question - Construction of Building: A building was constructed on land purchased last year at a cost of $150,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows.
Date Payment
2/1 $120,000
6/1 360,000
9/1 480,000
11/1 100,000
To finance construction of the building, a $600,000, 12% construction loan was taken out on -February 1. The loan was repaid on November 1. The firm had $200,000 of other outstanding debt during the year at a borrowing rate of 8%.
Instructions - Record the acquisition of the asset.
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