Montgomery Industries spent $600,000 in 2015 on a construction project to build a library.Montgomery also capitalized $30,000 of interest on the project in 2015.Montgomery financed 100% of the construction with a 10% construction loan.The project was completed on September 30,2016.Additional expenditures in 2016 were as follows:

Required:
Determine the completed cost of the library.Show supporting computations.

Question

Montgomery Industries spent $600,000 in 2015 on a construction project to build a library.Montgomery also capitalized $30,000 of interest on the project in 2015.Montgomery financed 100% of the construction with a 10% construction loan.The project was completed on September 30,2016.Additional expenditures in 2016 were as follows:
  
Required:
Determine the completed cost of the library.Show supporting computations.

Quizplus · Accepted Answer

The Answer of Montgomery Industries spent $600,000 in 2015 on a construction project to build a library.Montgomery also capitalized $30,000 of interest on the project in 2015.Montgomery financed 100% of the construction with a 10% construction loan.The project was completed on September 30,2016.Additional expenditures in 2016 were as follows:
  
Required:
Determine the completed cost of the library.Show supporting computations.

Montgomery Industries Spent $600,000 in 2015 on a Construction Project