The Beatles Co. began construction of a recording studio on January 1, 2020 and completed...
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Accounting
The Beatles Co. began construction of a recording studio on January 1, 2020 and completed the studio on October 31, 2021. The details on the expenditures relating to the project were as follows:
| January 1, 2020 March 31, 2020 October 1, 2020 February 1, 2021 April 30, 2021 | $ 1,400,000 2,700,000 900,000 1,800,000 1,500,000 |
The company provided the following information on its various debts outstanding during the entire period of the construction:
12%, ten-year note issued on December 31, 2012 1,000,000
9%, five-year bank loan taken on January 1, 2019 2,000,000
The capitalzied cost of the recording studio on Beatles' balance sheet after October 31, 2021 was:
Multiple Choice
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a-$8,665,000.
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b-$8,300,000.
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c-$8,900,000.
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d-$9,453,500.
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