Question: Please help on part one and two! ABC contracted with a company to build a storage warehouse m 2014 Construction began on April 1 at
ABC contracted with a company to build a storage warehouse m 2014 Construction began on April 1 at which time ABC paid $50,000. ABC then made additional payments as follows, based on progress made towards completion of the structure: June 1 $75,000 Sept 1 $85,000 Dec 1 $45,000 Dec. 31 $50,000 ABC borrowed $100,000 on January 1 specifically for this project at 8% interest ABC had the following nonspecific borrowings outstanding during the year: 11% $3 million loan 6% $1 million loan How much interest should be capitalized on this building? What is the ending balance in the Building account at the end of 2014
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