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Calculate the amount to be included in colour limited

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Reference no: EM132684608

On 1 January 2017, Colour Limited commenced the construction of a new warehouse facility. The acquisition of the site cost £10 million, with construction costs amounting to £5 million. The construction of the warehouse facility was completed on 31 October 2017 and it was available for use from 1 January 2018. Colour Limited borrowed £20 million on 1 January 2017 in order to finance this project. The loan, which carried interest at 10% per annum, was repaid on 31 December 2017.

Requirement

Problem 1: Calculate the amount to be included in Colour Limited's statement of financial position as at 31 December 2017 in respect of the new warehouse facility.

Reference no: EM132684608

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