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  3. on january 1, 2024, a company began construction o

On January 1, 2024, a company began construction of an automated cattle feeder system. The...

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Accounting

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On January 1, 2024, a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: The company borrowed $772,000 on a construction loan at 11% interest on January 1,2024 . This loan was outstanding throughout the construction period. The company had $4,610,000 in 8% bonds payable outstanding in 2024 and 2025. Interest (using the specific interest method) capitalized for 2024 was: Multiple Choice $53,470. $47,470. $65,470. $41,470

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