Reference no: EM132712670
Problem 1: At the beginning of the current year, Handsome Company purchased a mineral mine for P 36,000,000 with removable ore estimated by geological survey at 2,160,000 tons. The property has an estimated value of P 3,600,000 after the ore has been extracted. The entity incurred P 10,800,000 of development costs preparing the property for the extraction of ore. During the current year, 270,000 tons were removed, and 240,000 tons were sold.
a. P3,600,000
b. P4,050,000
c. P4,800,000
d. P5,400,000
Problem 2: Marauder Company borrowed P 15,000,000 at 12% to finance in part the construction of a new building on January 1, 2019 and in part for general purposes. The loan is to be repaid commencing the month following the completion of the building. Expenditures for the completed structure totaled P 10,000,000 during the year ended December 31, 2019. These expenditures were incurred evenly throughout the year. The entity earned interest of P 200,000 for the year on the unexpended portion of the loan.
What amount of interest is capitalized on December 31, 2019?
a. P1,200,000
b. P1,000,000
c. P600,000
d. P400,000
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