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Ameth Company constructed a building and incurred the following costs directly associated with construction. The...

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Accounting

Ameth Company constructed a building and incurred the following costs directly associated with construction. The building is valued at $124,000(fair value) upon completion.
Materials $40,000
Labor 64,000
Incremental overhead 24,000
Interest on construction loan incurred before completion 4,000
Interest on construction loan incurred after completion 1,600
Total $133,600
Prepare summary journal entries to record costs of (1) construction and (2) completion of the building. Assume that all qualifying interest during the current year is capitalized to the building.
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