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Question: During 2015, Grant Industries, Inc. was in the Process of constructing facility. The only expenditure was on January 1, 2015 for $4, 500, 00. The company had the following debt outstanding during the entire construction project:

a) 8 percent, five-year note to finance construction of the manufacturing facility, dated January 1, 2015, 13, 600, 000. (construction - specific loan)

b) 12 percent, 20-year bonds issued at par on January 1, 2010, $8, 000, 000

c) 8 percent, six-year note payable, dated March 1, 2013. $2, 000, 000.

Determine the amount of interest to be capitalized by Grant industries for 2015.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713193

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