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Sea Queen Manufacturing (Sea Queen) operates two divisions: shipbuilding and marine parts. In the shipbuilding...

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Accounting

Sea Queen Manufacturing (Sea Queen) operates two divisions: shipbuilding and marine parts. In the shipbuilding division, three ships were in process during 20X5(see the table below). Operations were continuous during 20X5 with the exception of a strike which lasted for the entire month of June. Debits to Construction-in-Progress (CIP) were as follows:
(table in attached image)
(JUST NEED HELP WITH CALCULATIONS)
Requirements:
Determine the total interest incurred by each company in 20X5.
For each company, determine which assets, if any, qualify for capitalization of interest.
o For each qualifying asset, determine the amount of interest to be capitalized in 20X5.
o Determine the amount of interest to be expensed for each company in 20X5.
Record all journal entries for 20X5.
Show and explain all calculations for each journal entry.
image

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