The Alta Company is constructing a production complex which qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2007 to June 30, 2009Expenditures on project (incurred evenly during each period and excluding capitalized interest from previous years):2007 â¦â¦â¦â¦â¦â¦$2,000,0002008 â¦â¦â¦â¦â¦â¦$3,760,0002009 â¦â¦â¦â¦â¦â¦$4,324,000Amounts borrowed and outstanding:$3 million borrowed at 12%, specifically for the project$6 million borrowed on July 1, 2003, at 14%$14 million borrowed on January 1, 1999, at 8%Required1. Compute the amount of interest costs capitalized each year.2. If it is assumed that the production complex has an estimated life of 20 years and a residual value of zero, compute the straight-line depreciation in 2010.3. Explain the effects of the interest capitalization on the financial statements for all three years. Ignore income taxes.~~~For this or similar assignment papers~~~
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