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Multiple Choice Question 82
On January 2, 2014, Indian River Groves began construction of a new
citrus processing plant. The automated plant was finished and ready
for use on September 30, 2015. Expenditures for the
Indian River Groves borrowed $2,200,000 on a construction loan at
12% interest on January 2, 2014. This loan was outstanding during the
construction period. The company also had $8,000,000 in 9% bonds
outstanding in 2014 and 2015.
What were the weighted-average accumulated expenditures for 2014?
$800,000
Multiple Choice Question 50
Accounting recognition should be given to some or all of the gain
realized on a nonmonetary exchange of plant assets except when the
exchange has