Business, 29.06.2019 23:50 rainbow7020

On january 1, 2018, the mason manufacturing company began construction of a building to be used as its office headquarters. the building was completed on september 30, 2019. expenditures on the project were as follows: january 1, 2018 $ 1,000,000 march 1, 2018 600,000 june 30, 2018 800,000 october 1, 2018 600,000 january 31, 2019 270,000 april 30, 2019 585,000 august 31, 2019 900,000 on january 1, 2018, the company obtained a $3 million construction loan with a 10% interest rate. the loan was outstanding all of 2018 and 2019. the company’s other interest-bearing debt included two long-term notes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. both notes were outstanding during all of 2018 and 2019. interest is paid annually on all debt. the company’s fiscal year-end is december 31. calculate the amount of interest that mason should capitalize in 2018 and 2019 using the specific interest method.

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