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Interest During ConstructionDexter Construction Corporation is building a student condominium complex; it started construction on January 1, Year 1. Dexter borrowed 1 million specifically for the project by issuing a 10%, 5-year, $1 million note, which is payable on December 31 of Year 3. Dexter also had a 12%, 5-year, $3 million note payable and a 10%, 10-year, $1.8 million note payable outstanding all year.In Year 1, Dexter incurred costs as follows:January 1350,000March 1660,000June 301,000,0
Interest During ConstructionDexter Construction Corporation is buildi…
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