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The Beatles Co. began construction of a recording studio on January 1, 2020 and completed...

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Accounting

The Beatles Co. began construction of a recording studio on January 1, 2020 and completed the studio on October 31, 2021. The details on the expenditures relating to the project were as follows:

January 1, 2020

March 31, 2020

October 1, 2020

February 1, 2021

April 30, 2021

$ 1,400,000

2,700,000

900,000

1,800,000

1,500,000

The company provided the following information on its various debts outstanding during the entire period of the construction:

12%, ten-year note issued on December 31, 2012 1,000,000

9%, five-year bank loan taken on January 1, 2019 2,000,000

The capitalzied cost of the recording studio on Beatles' balance sheet after October 31, 2021 was:

Multiple Choice

  • a-$8,665,000.

  • b-$8,300,000.

  • c-$8,900,000.

  • d-$9,453,500.

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