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Question - A building was constructed on land purchased last year at a cost of $150,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows:
Feb. 1 $120,000
June 1 $360,000
September 1 $480,000
November 1 $100,000
Payment for Land:
Feb. 1 $150,000
To finance construction of the building, a $400,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $200,000 of other outstanding debt during the year at a borrowing rate of 8%.
Record the acquisition of the building and land.
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