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Parks Inc. had recently completed construction of a new manufacturing facility. Prior to the approval of the building permits, the company operated a parking lot on the land. This lot had revenues, net of costs, of $ Construction will take place over an month period. Total construction costs were as follows:
Material $
Labour
Incremental overhead
General overhead
Interest costs on general loan
Cost of building permits
Required:
Provide the total amount of construction costs that would be capitalized to the cost of the building using ASPE. Indicate the items that are different as compared to IFRS. Negative amounts should be indicated by a minus sign.
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