question archive On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use
On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use
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On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $10,000,000 and an effective interest rate of 8%. Construction expenditures incurred during 2021 were as follows:January 1$500,000March 1600,000July 31480,000September 30600,000December 31300,000Required:Calculate the amount of interest capitalized for 2021.
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