Beth hires Howsen in 1/1/11 to construct a building. Payments to Howsen during 2011: The...
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Beth hires Howsen in 1/1/11 to construct a building. Payments to Howsen during 2011: The building is ready for use on 12/31/11. Actual debt for Beth consists of: Bonds payable, 12%,$4,000, issued 1/1/11 to help finance building construction. Bonds payable, 10%,$12,000 issued 7/1/09 for general purposes. The capitalized interest will be: Select one: a. $1,247 b. $1,280 c. $1,313 d. $1,680 e. $1,080 On December 1, 2013, Boyd Co. purchased a $400,000 tract of land for a factory site. Boyd razed an old building on the property and sold the materials it salvaged from the demolition. Boyd incurred additional costs and realized salvage proceeds during December 2013 as follows: On its December 31, 2013, balance sheet, Boyd should report a balance in the land account of: Select one: a. $468,000 b. $406,000 c. $438,000 d. $456,000 e. $450,000
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