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QUESTION
(Capitalization of Interest) On December 31, 2009, Hurston Inc. borrowed $3,600,000 at 12% payable annually to finance the construction of a new...
(Capitalization of Interest)On December 31, 2009, Hurston Inc. borrowed $3,600,000 at 12% payable annually to finance the construction of a new building. In 2010, the company made the following expenditures related to this building: March 1, $432,000; June 1, $720,000; July 1, $1,800,000; December 1, $1,800,000. Additional information is provided as follows.1.
