Assume your companys year ends on December Your company has obtained the following fixed assets:
Building
On January you borrowed $ to construct a new building on your property and issued a year, note at the bank. This note requires payment of interest each year on December with all of the principal due at the end of
On March you spent $ for construction.
On October you spent $ for construction.
On December you spent $ to finish construction and you moved into the new building.
On December you paid interest on the bank loan in number above and recorded any depreciation on the building, assuming a year expected life, $ salvage value, and straight line method of depreciation.
On December you paid interest on the bank loan in number above and recorded any depreciation on the building,
Questions please show and label your work
Prepare journal entries for the above events to the nearest dollar
