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Culver original facility became obsolete by early 2023 because of the increased sales volume and...

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Accounting

Culver original facility became obsolete by early 2023 because of the increased sales volume and the fact that Culver how cardes audio books and e-texts in addition to hard-copy books.
On June 1,2023, Culver contracted with Favre Construction to have a new building constructed for $4,999,120 on land owned by Culver Culver made the following payments to Favre Construction:
Date
Amount
July 30,2023
$1,199,640
Jan, 30,2024
1,499,880
May 31,2024
June 30,2024
1,299,600
Total payments
$4,999,120
Construction was completed and the building was ready for occupancy on May 27,2024. Culver had no new borrowings directly associated with the new building but had the following debt outstanding at May 31,2024, the end of its fiscal year:
12.5%,4-year note payable of $2,000,000, dated April 1,2020, with interest payable annually on April 1
11%,9-year bond issue of $2,999,800 sold at par on June 30,2013, with interest payable annually on June 30

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