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spin [16.1K]
3 years ago
11

Concord Corporation is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Concord made

payments to the construction company of $3078000 on 7/1, $6384000 on 9/1, and $5950000 on 12/31. Weighted-average accumulated expenditures were
Business
1 answer:
Daniel [21]3 years ago
5 0

Answer:

$3,667,000

Explanation:

Calculation for Weighted-average accumulated expenditures

Weighted-average accumulated expenditures =($3,078,000 × 6/12) + ( $6,384,000× 4/12)

Weighted-average accumulated expenditures =$1,539,000+$2,128,000

Weighted-average accumulated expenditures =$3,667,000

Therefore the Weighted-average accumulated expenditures were $3,667,000

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Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent inco
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a)

particulars                                      amount                  amount

rental income                                                                $5,000

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mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

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AGI                                                                           $0

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b)

particulars                                      amount

Real property taxes                       $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total expenses                                  $34,600

Therefore, The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

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