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  • In Early February 20i4 Huey Corp Began Construction of An

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    Huey Corp began construction of an office building addition in February 2014 that was expected to take 18 months to complete. On February 1, Huey issued a $1,000,000 note payable at 12% to finance the initial contractor payment. Other debt instruments included $500,000 in 7% bonds issued in 2008, $300,000 in 6% bonds issued in 2014, and $300,000 in 9% bonds issued in 1999 that matured in 2014.

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    Huey Corp began construction of an office building addition in February 2014 that was expected to take 18 months to complete. On February 1, Huey issued a $1,000,000 note payable at 12% to finance the initial contractor payment. Other debt instruments included $500,000 in 7% bonds issued in 2008, $300,000 in 6% bonds issued in 2014, and $300,000 in 9% bonds issued in 1999 that matured in 2014.

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    8 views1 page

    In Early February 20i4 Huey Corp Began Construction of An

    Uploaded by

    Let's Talk With Hassan
    Huey Corp began construction of an office building addition in February 2014 that was expected to take 18 months to complete. On February 1, Huey issued a $1,000,000 note payable at 12% to finance the initial contractor payment. Other debt instruments included $500,000 in 7% bonds issued in 2008, $300,000 in 6% bonds issued in 2014, and $300,000 in 9% bonds issued in 1999 that matured in 2014.

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    © All Rights Reserved
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    In early February 20I4 Huey Corp began construction of an

    #2106
    In early February 20I4, Huey Corp. began construction of an addition to its head office building
    that is expected to take 18 months to complete. The following 20I4 expenditures relate to the
    addition:On February 1, Huey issued a $1,000,000, three-year note payable at a rate of 12% to
    finance most of the initial payment to the contractor. No other asset-specific debt was entered
    into. Details of other interest-bearing debt during the period are provided in the table
    below:Other debt instruments outstanding-2014 Principal amount7%, 10-year bonds, issued
    June 15, 2008 ............... $500,0006%, 12-year bonds, issued May 1, 2014 ..............
    $300,0009%, 15-year bonds, issued May 1, 1999, matured May 1, 2014 .....
    $300,000InstructionsWhat amount of interest should be capitalized according to IAS 23?View
    Solution:
    In early February 20I4 Huey Corp began construction of an

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