Li Corp. purchased a container load of antiques for resale at an invoice cost of...
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Li Corp. purchased a container load of antiques for resale at an invoice cost of $ The goods were paid for when they were shipped in early June. The container arrived in Canada at the end of August, and then at Lirs location, by rall, at the end of September The goods were then available for sale. Freight costs of $ were paid in October. Li has recorded $ of total interest expense from $ of general borrowing over the year. Required: Prepare the adjusting journal entry to capitalize borrowing costs on inventory at yearend December If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet Record entry to capitalize borrowing cost. 
Li Corp. purchased a container load of antiques for resale at an invoice cost of $ The goods were paid for when they were shipped in early June. The container arrived in Canada at the end of August, and then at Lirs location, by rall, at the end of September The goods were then available for sale. Freight costs of $ were paid in October. Li has recorded $ of total interest expense from $ of general borrowing over the year.
Required:
Prepare the adjusting journal entry to capitalize borrowing costs on inventory at yearend December If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations.
Journal entry worksheet
Record entry to capitalize borrowing cost.
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