Business, 24.04.2020 01:24 Officaljazz18

The company capitalizes the Interest related to facility contruction, related to the construction loan on January 1st , In addition to the construction loan on January 1st, the company had the following debt outstanding throughout 2021: $5,000,000 (12% bonds with 12% of market interest rate, interest payment on December 31st)

Related entries:January 1st: Borrowed $1,500,000 with 8% note to help finance the construction which began for its own use on January 1st of the previous year. The facility will be completed next year and interest is payable at maturity. March 1st: Paid $1,200,000 of construction expenditure to subcontractors. October 1st: Paid $600,000 of construction expenditure to subcontractors. What is the adjusting entry?

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