Culver original facility became obsolete by early because of the increased sales volume and the fact that Culver how cardes audio books and etexts in addition to hardcopy books.
On June Culver contracted with Favre Construction to have a new building constructed for $ on land owned by Culver Culver made the following payments to Favre Construction:
Date
Amount
July
$
Jan,
May
June
Total payments
$
Construction was completed and the building was ready for occupancy on May Culver had no new borrowings directly associated with the new building but had the following debt outstanding at May the end of its fiscal year:
year note payable of $ dated April with interest payable annually on April
year bond issue of $ sold at par on June with interest payable annually on June
