During 2010, Kimmel Co

question 62

Multiple Choice

During 2010, Kimmel Co.incurred average accumulated expenditures of $400,000 during construction of assets that qualified for capitalization of interest.The only debt outstanding during 2010 was a $500,000, 10%, 5-year note payable dated January 1, 2008.What is the amount of interest that should be capitalized by Kimmel during 2010?

• A)$0.
• B)$10,000.
• C)$40,000.
• D)$50,000.

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