Bullock Cempary is constructing a building for its own use and has been capitalizing interest...
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Accounting
Bullock Cempary is constructing a building for its own use and has been capitalizing interest based on average expenditures on a quartelly buss since the project began lastyear. The following expenditures are made duning the first quarter: January 1, 53,920,000; February 1, 53,570,000; and Narch 31,35,110,000. Euslock had the following debts outstanding during this quarter. a. Compute (1) interest to be capicallzed and (2) interest to be expensed for this first quarter. b. Prepare the entry to record the construction expendifures and the interest for the first faarter. Assume all payments ate in cash
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