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What is the carrying amount of the plant on november

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Question 1: On January 01, 2020, Whitney Company borrowed P6,000,000 at an annual interest rate of 10% to finance specifically the cost of building an electricity generating plant. Construction commenced on January 01, 2020 with cost of P6,000,000. Not all cash borrowed was used immediately, so interest income of P80,000 was generated by temporarily investing some of the borrowed funds prior to use. The project was completed on November 30, 2020. What is the carrying amount of the plant on November 30, 2020?

Reference no: EM132562824

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