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 $fair value upon completion.
Materials $
Labor
Incremental overhead
Interest on construction loan incurred before completion
Interest on construction loan incurred after completion
Total $
Prepare summary journal entries to record costs of construction and completion of the building. Assume that all qualifying interest during the current year is capitalized to the building.
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