Martin Inc. began construction on a building in 2020 and paying a construction company $600,000...
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Martin Inc. began construction on a building in 2020 and paying a construction company $600,000 in 2020. Martin also had avoidable interest of $30,000 and actual interest of $100,000 in 2020. Martin financed the construction with a $1,000,000, 10% loan specific to the project. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows:
| Feb. 28 | $ 90,000 |
| Apr. 30 | 180,000 |
| Jul. 1 | 36,000 |
| Sept. 30 | 64,000 |
Required:
Once completed, how much is capitalized in Martins Building account? Show all your work.
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