Unproved property costs relative to the Williams lease were $40,000 at January 1, 2019. During 2019, $400,000
Fantastic news! We've Found the answer you've been seeking!
Question:
Unproved property costs relative to the Williams lease were $40,000 at January 1, 2019. During 2019, $400,000 of drilling costs were incurred on the Williams lease. An 8%, $ 500,000 note is outstanding during the entire year and was obtained to finance the drilling program .
Compute the interest capitalization amount and record the interest.
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date: