Montgomery Industries spent $600,000 in 2012 on a construction project to build a library. Montgomery also capitalized $30,000 of interest on the project in 2012. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2013. Additional expenditures in 2013 were as follows: Required:
Determine the completed cost of the library. Show supporting computations.

Question

Montgomery Industries spent $600,000 in 2012 on a construction project to build a library. Montgomery also capitalized $30,000 of interest on the project in 2012. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2013. Additional expenditures in 2013 were as follows:  Required:
Determine the completed cost of the library. Show supporting computations.

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The Answer of Montgomery Industries spent $600,000 in 2012 on a construction project to build a library. Montgomery also capitalized $30,000 of interest on the project in 2012. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2013. Additional expenditures in 2013 were as follows:  Required:
Determine the completed cost of the library. Show supporting computations.

Montgomery Industries Spent $600,000 in 2012 on a Construction Project