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 Xsee the table below Operations were continuous during X with the exception of a strike which lasted for the entire month of June. Debits to ConstructioninProgress CIP were as follows:
table in attached image
JUST NEED HELP WITH CALCULATIONS
Requirements:
Determine the total interest incurred by each company in X
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 X
o Determine the amount of interest to be expensed for each company in X
Record all journal entries for X
Show and explain all calculations for each journal entry.
Answer & Explanation
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