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What is the total cost of the building

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Question - GENSAN Company had the following borrowings during 2020. The borrowings were made for general purposes but the proceeds were used to finance the construction of a new building.

 

Principal

Interest

12% bank loan

P3,000,000

P360,000

14% long-term loan

5,000,000

700,000

The construction began on January 1, 2020 and was completed on December 31, 2020. Expenditures on the building were P2,000,000 on January 1, P2,000,000 on June 30 and P1,000,000 on December 31.

Required - What is the total cost of the building?

Reference no: EM133188292

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