During 2012 Daveco constructed a new building on land it already owned. In order to finance the
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During 2012 Daveco constructed a new building on land it already owned. In order to finance the construction, on January 1, Daveco took out a $100,000 8% loan, and it already had two other outstanding notes: a $400,000, 8% bond and a $300,000 7% note, both with interest due on December 31. The construction job began on January 1, 2012 and was completed on August 31, 2012 Payment to contractor were as follow:
January 1: ............$100,000
February1: ........... $200,000
August 31: ...........$100,000
Record the journal entry for interest on December 31, 2012.
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Journal entries Date Particulars Amount Amount 31Dec Interest on loan Ac Dr 8000 To ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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