Prepare the journal entries needed on the books of Carla Company at each of the following dates….

Prepare the journal entries needed on the books of Carla Company at each of the following dates. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

(1)

July 31, 2017.

(2)

November 1, 2017.

(3)

December 31, 2017.

Date

Account Titles and Explanation

Debit

Credit

7/3111/112/31

(To record the note.)

(To record the payment to Minsk.)

7/3111/112/31

(To record the proceeds from the investment.)

(To record the payment to Minsk.)

12/31

On July 31, 2017, Carla Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2017. To help finance construction, on July 31 Carla issued a $270,000, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $169,000 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Carla made a final $101,000 payment to Minsk. Other than the note to Netherlands, Amsterdam’s only outstanding liability at December 31, 2017, is a $30,100, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each December 31.

Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2017.

Interest revenue

$

Weighted-average accumulated expenditures

$

Avoidable interest

$

Interest capitalized

$

SHOW LIST OF ACCOUNTS

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