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Record the amount of interests that can be capitalized

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On January 1, 2018, an entity acquires a parcel of land for $300,000. The amount was entirely borrowed from the bank at an annual interest rate of 4%. The land was ready for its intended use on May 31, 2018. For simplicity, let's assume that the entity paid only the interests, no capital, on this debt during the whole year.

Problem 1: Calculate and record the amount of interests that can be capitalized

Reference no: EM132809166

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