How much should be shown as capitalized interest


Antonio, Inc. has a fiscal year ending April 30. On May 1, 2012, Antonio borrowed $10,402,000 at 11% to finance construction of its own building. Repayments of the loan are to commence the month following completion of the building. During the year ended April 30, 2013, expenditures for the partially completed structure totaled $6,241,200. These expenditures were incurred evenly throughout the year. Interest earned on the unexpended portion of the loan amounted to $676,130 for the year.

How much should be shown as capitalized interest on Antonio's financial statements at April 30, 2013?

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Accounting Basics: How much should be shown as capitalized interest
Reference No:- TGS0710286

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