On December 31,2024, Marshall Inc. borrowed $1,000,000 at 10% payable annually to finance the construction...

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Accounting

On December 31,2024, Marshall Inc. borrowed $1,000,000 at 10% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: June 1,$400,000; July 1,$600,000; September 1,$1,200,000; December 1,$600,000. The building was completed in April 2026. Additional information is provided as follows:
\table[[Other Debt Outstanding:,],[10- year. 8% bond, dated 1231?18,$10,000.000
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