Montgomery Industries spent $550,000 in 2015 on a construction project to build a library. Montgomery...
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Montgomery Industries spent $550,000 in 2015 on a construction project to build a library. Montgomery also capitalized $27,500 of interest on the project in 2015. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2016. Additional expenditures in 2016 were as follows:
Feb. 28
$ 85,500
Apr. 30
175,500
Jul. 1
31,500
Sept. 30
59,500
Required: Determine the completed cost of the library. (Do not round intermediate calculations.) Completed cost of the library
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