On March 1, Tony Co. began construction of a small building. The following expenditures were incurred for construction: March 1$96,000 April 1$82,000 May 1$170,000 June 1$300,000 July 1$90,000 The building was completed and occupied on July 1. To help pay for construction, $80,000 was borrowed on March 1 on a 14%, three-year note payable. The only other debt outstanding during the year was a $550,000, …
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