On January 1, 2013, the Mason Manufacturing Company began construction of a building to be...
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Accounting
On January 1, 2013, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2014.
Expenditures on the project were as follows:
January 1, 2013- $1,200,000
March 1, 2013- $690,000
June 30, 2013- $450,000
October 1, 2013- $660,000
January 31, 2014- $945,000
April 30, 2014- $1,260,000
August 31, 2014- $2,250,000
On January 1, 2013, the company obtained a $3 million construction loan with a 12% interest rate. The loan was outstanding all of 2013 and 2014. The company
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