Question: View Policies Current Attempt in Progress On January 2, 2020, Sheffield Corp. began construction of a new citrus processing plant. The automated plant was

View Policies Current Attempt in Progress On January 2, 2020, Sheffield Corp.

View Policies Current Attempt in Progress On January 2, 2020, Sheffield Corp. began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: January 2, 2020 September 1, 2020 $ 601000 1807200 December 31, 2020 1807200 March 31, 2021 September 30, 2021 1807200 1209000 Sheffield Corp. borrowed $3360000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $11880000 in 7% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was: O $415800 O $480660 O $120340 O $138600

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