Business, 16.04.2021 19:00 skyvargasov9cad

Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $3,000,000, 12% note
$7,000,000, 7% bonds

Construction expenditures incurred were as follows:

July 1, 2021 $700,000
September 30, 2021 990,000
November 30, 2021 990,000
January 30, 2022 930,000

The company's fiscal year-end is December 31.

Required:
Calculate the amount of interest capitalized for 2021 and 2022.

Answers: 1

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Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on...