Reference no: EM132594647
Question - On March 1, 2019, LAS Company purchased land for an office site. LAS Company began construction on the office building on March 1. The following expenditures were incurred for construction:
Date Expenditures
March 1, 2019 € 600,000
June 1, 2019 504,000
Aug 1, 2019 900,000
Oct 1, 2019 1,440,000
The payment of March includes the land cost of €200,000. The office was completed on December 31.
LAS borrowed €729,000 on March 1, 2019, on a 9%, 3-year note payable for construction purposes.
Other general loans include €3000,000, 12%, 6-year note payable dated January 1, 2019, and
€1,500,000, 9%, 5-year note payable dated January 1, 2019.
LAS earned interest revenues of €20,000 for specific borrowing.
Required - What is the total cost of the building.
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