10. An entity had the following loans outstanding during 20X1 and 20X2. Specific construction loan, 2,000,000 - 15% General loan, 15,000,000 - 12% The entity began the self-construction of a new building on January 1, 20X1 and the building was completed on December 31, 20X2. The following expenditures were made during 20X1 and 20X2: January 1, 20X1 - 2,000,000; July 1, 20X1 - 4,000,000; November 1, 20X1 - 3,000,000; July 1, 20X2 - 1,000,000. What is the cost of the
10. An entity had the following loans outstanding during 20X1 and 20X2. Specific construction loan, 2,000,000 - 15% General loan, 15,000,000 - 12% The entity began the self-construction of a new building on January 1, 20X1 and the building was completed on December 31, 20X2. The following expenditures were made during 20X1 and 20X2: January 1, 20X1 - 2,000,000; July 1, 20X1 - 4,000,000; November 1, 20X1 - 3,000,000; July 1, 20X2 - 1,000,000. What is the cost of the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10. An entity had the following loans outstanding during 20X1 and 20X2.
Specific construction loan, 2,000,000 - 15%
General loan, 15,000,000 - 12%
The entity began the self-construction of a new building on January 1, 20X1 and the building was completed on December 31, 20X2. The following expenditures were made during 20X1 and 20X2: January 1, 20X1 - 2,000,000; July 1, 20X1 - 4,000,000; November 1, 20X1 - 3,000,000; July 1, 20X2 - 1,000,000. What is the cost of the building?
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