Solved: Construction costs were incurred in the amount of 850000, Accounting Basics

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Construction costs were incurred in the amount of 850000

Question - The City of Green Hills constructed a new storage facility using the city's own public works employees. Construction costs were incurred in the amount of $850,000, plus $30,000 in interest on short-term notes used to finance construction. What amount should be capitalized as a general capital asset?

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Accounting Basics: Construction costs were incurred in the amount of 850000

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Accounting Basics: Construction costs were incurred in the amount of 850000

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