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Montgomery Industries spent $700,000 in 2023 on a construction project to build a library. Montgomery...

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Accounting

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Montgomery Industries spent $700,000 in 2023 on a construction project to build a library. Montgomery also capitalized $35,000 of interest on the project in 2023. Montgomery financed 100% of the construction with a 12% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: Required: Determine the completed cost of the library. Note: Do not round intermediate calculations

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