Montgomery Industries spent $550,000 in 2015 on a construction project to build a library. Montgomery...
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| Montgomery Industries spent $550,000 in 2015 on a construction project to build a library. Montgomery also capitalized $27,500 of interest on the project in 2015. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2016. Additional expenditures in 2016 were as follows: |
| Feb. 28 | $ 85,500 |
| Apr. 30 | 175,500 |
| Jul. 1 | 31,500 |
| Sept. 30 | 59,500 |
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