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Accounting

Item5
12
points
eBookPrintReferencesCheck my workCheck My Work button is now enabled2Item 5
Parks Inc. had recently completed construction of a new manufacturing facility. Prior to the approval of the building permits, the company operated a parking lot on the land. This lot had revenues, net of costs, of $166,800. Construction will take place over an 18-month period. Total construction costs were as follows:
Material $ 713,600
Labour 1,340,000
Incremental overhead 376,000
General overhead 141,600
Interest costs on general loan 265,600
Cost of building permits 57,600
Required:
Provide the total amount of construction costs that would be capitalized to the cost of the building using ASPE. Indicate the items that are different as compared to IFRS. (Negative amounts should be indicated by a minus sign.)
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