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1a. Kobe should capitalize $70,000 of interest on specific construction debt. 1b. Journal entry to...

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Finance

1a. Kobe should capitalize $70,000 of interest on specific construction debt. 1b. Journal entry to record payment of interest: Interest Expense $85,000, Cash $85,000. 2. If interest computed on the weighted-average amount of accumulated expenditures for the building during 2011 was $90,000, Kobe should capitalize $90,000 of interest costs incurred during the construction period.

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