70.2K

Verified Solution

Link Copied!

Thomton industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025, No new loans were required to fund construction. Thornton does have the following two interest bearing liabilities that were outstanding throughout the construction petiod: $1,000,000,118 note $4,000,000,6 bonds Construction expenditures incurred were as follows: The companys tiscal year-end is December 31 Required: Caiculate the amount of interest coptalized for 2024 and 2025 , Complete this question by entering your answers in the tabs below. Calculate the amount of interest capitalized for 2024. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal piace (C.e. 0.123 should be entered as 12.36). Thornton industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025. No new loans were required to fund construction. Thornton does have the foilowing two interest-bearing liabilities that were outstanding throughout the construction period: $1,000,000,11% note $4,000,000,6% bonds Construction expenditures incurred were as follows: The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2024 and 2025 . Complete this question by entering your answers in the tabs below. Calcutate the amount of interest copicalized for 2025 . Note: Do not round the intermediate calculations. Hound your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3% )

Answer & Explanation Solved by verified expert

See Answer