In 2019, X Corporation purchases some land for $500,000 on which it plans to construct...
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Accounting
In 2019, X Corporation purchases some land for $500,000 on which it plans to construct on office building for its own use. In 2021, it spends $1,000,000 constructing the building. It capitalizes $60,000 of interest in 2021 on the building. In 2022, X spends an additional $800,000 and finishes the building. Which of the following costs will be included in determining the weighted average of accumulated expenditures for 2022? Mark all that apply.
$500,000 spent on the land
$1,000,000 construction expenditures in 2021
$60,000 of interest capitalized in 2021
$800,000 of construction expenditures in 2020
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