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What should cathy report as interest expense

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Question - Cathy Company began construction on a new reginal office building on January 1, 2021. The building was finished and ready for use on December 31, 2021. During 2021, Cathy spent $5,000,000 on the building as follows:

Date

Amount

1/1/2021

$2,000,000

7/1/2021

$3,000,000

Cathy had $10 million in 9% bonds outstanding throughout 2021. Cathy had no other debt. What should Cathy report as interest expense on its income statement for 2021?

Reference no: EM133174396

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