Thornton Industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: Construction expenditures incurred were as follows: $2,000,000, 8% note $8,000,000, 4% bonds July 1, 2024 September 30, 2024 November 30, 2024 January 30, 2025 $400,000 600,000 600,000 540,000

Thornton Industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: Construction expenditures incurred were as follows: $2,000,000, 8% note $8,000,000, 4% bonds July 1, 2024 September 30, 2024 November 30, 2024 January 30, 2025 $400,000 600,000 600,000 540,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 18E

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