Question: Montgomery Industries spent $650,000 in 2020 on a construction project to build a library. Montgomery also capitalized $32,500 of interest on the project in 2020.

Montgomery Industries spent $650,000 in 2020 on a construction project to build a library. Montgomery also capitalized $32,500 of interest on the project in 2020. Montgomery financed 100% of the construction with a 8% construction loan. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows:


Feb. 28	$	94,500
Apr. 30		184,500
Jul. 1		40,500
Sept. 30		68,500

Required: Determine the completed cost of the library. (Do not round intermediate calculations.)

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