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Problem - Capitalization of Interest and Depreciation - During 2016, Mercator Company borrowed $80,000 from a local bank. In addition, Mercator used $120,000 of cash to construct a new corporate office building. Based on average accumulated expenditures, the amount of interest capitalized during 2016 was $8,000. Construction was completed, and the building was occupied on January 1, 2017.
Required -
1. Determine the acquisition cost of the new building.
2. The building has an estimated useful life of 20 years and a $5,000 salvage value. Assuming that Mercator uses the straight-line basis to depreciate its operating assets, determine the amount of depreciation expense for 2016 and 2017.
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