Business, 05.05.2020 06:31 karenjunior

Architectural plans were also formalized on December 1, 2020, when the architect was paid $37,200. The necessary building permits costing $3,360 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2021 as follows. Date of Payment Amount of Payment March 1 $240,000 May 1 ?330,000 July 1 ??60,000 The building was completed on July 1, 2018. To finance construction of this plant, Grieg borrowed $600,000 from the bank on December 1, 2017. Grieg had no other borrowings. The $600,000 was a 10-year loan bearing interest at 8%. Instructions Compute the balance in each of the following accounts at December 31, 2017, and December 31, 2018.

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Architectural plans were also formalized on December 1, 2020, when the architect was paid $37,200. T...