Montgomery Industries spent $680,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,000 of interest on the project in 2023. Montgomery financed 100% of the construction with a 8% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: February 28. April 30 July 1 September 30 $ 97,200 187,200 43,200 71,200 Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library

Montgomery Industries spent $680,000 in 2023 on a construction project to build a library. Montgomery also capitalized $34,000 of interest on the project in 2023. Montgomery financed 100% of the construction with a 8% construction loan. The project was completed on September 30, 2024. Additional expenditures in 2024 were as follows: February 28. April 30 July 1 September 30 $ 97,200 187,200 43,200 71,200 Required: Determine the completed cost of the library. Note: Do not round intermediate calculations. Completed cost of the library

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 46P

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