Reference no: EM132368118
Question
On January 1, 2018, Ten Company began construction on a new retail building for its own use. Total construction cost is expected to be $900,000. Ten Company received the certificate of occupancy and began moving into the building on December 1, 2018. Construction was completed and Ten Company made the final payment to the builder on February 1, 2019.
Ten Company made the following construction related expenditures.
March 1, 2018 $200,000
June 1, 2018 400,000
September 1, 2018 240,000
February 1, 2019 60,000
Ten Company had the following general purpose debt outstanding.
$1,000,000, 8%, 2-year note payable due on June 30, 2019
$4,000,000, 10%, 20-year bonds due on December 31, 2022
Ten Company's fiscal year ends on December 31.
Determine the amount of interest capitalized in 2018.
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